Cirsa Shares Hold Steady in Lukewarm Spanish IPO Debut

Shares of Blackstone-backed gambling firm Cirsa (CIRSA.MC) made a quiet debut on the Spanish stock market on Wednesday, closing unchanged at their initial public offering (IPO) price of €15 ($17.56). 

The casino stock initiated trading on stock exchanges in Barcelona, Madrid, Valencia, and Bilbao. 

Cirsa’s market debut marks Spain’s second IPO this year following the travel technology firm HBX Group, which raised €725 million ($850 million) in February at a valuation of €2.84 billion ($3.33 billion).

Faded Excitement

While the stock jumped as much as 6.7% shortly after trading opened, enthusiasm quickly faded, and the shares settled back to their IPO level by the day’s end.

Despite early excitement, which was fueled by reports from a lead underwriter that the offering was heavily oversubscribed, the strong demand failed to translate into sustained price gains. 

“What matters to us is the long-term course of the shares,” a company spokesperson said, signaling confidence beyond the initial trading day.

Barcelona-based Cirsa is known for being Spain’s largest casino operator with iconic properties like the Marbella Casino and the sports betting chain Sportium. 

However, its presence is felt well beyond Spain, to markets including Italy, Morocco, and Latin America, and recent expansions into Puerto Rico and Portugal.

The leading brick-and-mortar and online gaming operator has enjoyed financial momentum in recent months, which included a 12.5% revenue rise in Q1 2025 with help from an important 54.8% increase in online revenue. 

The company, whose strategy continues to focus on extending its presence online, reaching high-growth markets, and closing more acquisitions, used its IPO to raise up to €521 million ($611 million) in proceeds, including the over-allotment option, valuing the business at €2.52 billion ($2.95 billion). 

Step Forward for the Operator

Joaquim Agut, Cirsa’s executive chairman, framed the public listing as a step forward: “This new stage … will enable us to implement our winning strategy of profitable and sustainable growth at a faster pace.”

However, broader market conditions are likely to have played a role in Cirsa’s muted reception, in the context of equity capital market activity across Europe, the Middle East, and Africa dropping 25% in the first half of the year to $71.2 billion, marking the lowest level in the last two years.

For Cirsa and its investors, the focus now turns to long-term performance as the company leverages its expanded capital base to pursue growth opportunities in both existing and new markets.