The Spanish gaming operator officially announced plans for its initial public offering, seeking to raise €400m in new capital alongside approximately €60m in secondary share sales.
The company plans to apply for listing on the Barcelona, Bilbao, Madrid and Valencia stock exchanges through Spain’s continuous market system.
The proceeds from the new share issue will be used to fund growth initiatives and reduce the group’s debt burden.
Cirsa’s net leverage ratio is expected to fall to approximately 2.7x following the transaction, according to the company’s announcement.
Joaquim Agut, chairman of Cirsa, said: “Today’s announcement is a significant milestone in the history of this company, founded in Terrassa in 1978, and has built a track record of extraordinary performance with a presence in 11 countries, always operating exclusively in markets where gaming is regulated.
“Over the past 20 years, Cirsa has accelerated its international expansion by acquiring leading companies and consolidating a leadership position in the markets in which it operates. Our growth was further accelerated thanks to our transformative alliance with Blackstone in 2018, which has been fundamental to our success.”
The company reported net operating income of €2.15bn for 2024, representing 8% growth from the previous year’s €1.99bn.
EBITDA also increased 11% to €699m during the period, with a margin of 33%.
Cirsa operates 451 casinos and gaming rooms, along with more than 85,000 slot machines and approximately 2,500 sports betting locations.
The group holds market-leading positions in Spain and Latin America, with 84% of 2024 EBITDA generated in countries where it ranks first or second.
The operator’s online gaming and betting division has shown particular growth, accounting for 22.5% of total net operating income in the first quarter of 2025, compared with 16.5% in the same period last year.
Cirsa CEO Antonio Hostench added: “We are an innovative company that seamlessly integrates physical and online channels.
“Today, we take a decisive step toward continuing to write a new page in this extraordinary growth story by announcing our intention to go public, which will give us the opportunity to undertake new projects and continue consolidating our leadership in the sector.”
CIRSA said it has demonstrated consistent financial performance, recording what it describes as 67 consecutive quarters of EBITDA growth, excluding periods affected by the Covid-19 pandemic.
The timing and completion of its public offering remains subject to market conditions and regulatory approval from the Spanish securities regulator, CNMV.
Barclays Bank Ireland, Deutsche Bank and Morgan Stanley Europe are serving as joint global coordinators for the transaction, with several other investment banks acting as joint bookrunners and co-bookrunners.
The announcement comes hot on the heels of the Hacksaw AB IPO announcement, which will see the Swedish game developer list on Nasdaq Stockholm next week.
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