Spanish Gaming Pioneer, Cirsa, Aims for Public Debut on Home Turf
Spanish gambling giant Cirsa intends to raise $430 million through public offerings on four Spanish stock exchanges.
In an unexpected twist, Cirsa, the prominent Spanish gaming powerhouse, has declared its intention to go public, planning a massive initial public offering (IPO) worth around €400 million ($430 million). This move marks a significant milestone in the company's ongoing expansion, with additional secondary share sales expected to raise approximately €60 million ($64.5 million).
Spurring Growth and Debt Reduction
The fresh capital generated from the new share issuance will support Circa's ambitions for growth and help lower the company's existing debt levels. The IPO will take place on the Barcelona, Bilbao, Madrid, and Valencia stock exchanges via the Automated Quotation System. The exact timing of the IPO will hinge on market conditions and securities regulator approval. It is anticipated that this transaction will lower Cirsa's net leverage ratio to about 2.7 times.
A Fillip for Financials: 2024 Numbers
In 2024, Cirsa reported impressive financial performance, with a net operating income of around €2.15 billion ($3.1 billion), showing an uptick of 8% from the previous year's €1.99 billion ($2.29 billion). EBITDA also rose robustly by 11% to €699 million ($804 million), boasting a 33% margin. Notably, the online gaming and betting division has thrived, contributing 22.5% of total net operating income in the first quarter of 2025, scaling up from 16.5% during the same period in 2024.
Global Reach and Market Dominance
On a global scale, Cirsa oversees 451 casinos and gaming rooms, over 85,000 slot machines, and around 2,500 sports betting outlets, operating in 11 countries. Its leading market positions in Spain and Latin America contribute to 84% of its 2024 EBITDA.
Sea Change With Blackstone's Involvement
Joaquim Agut, Cirsa's chairman, emphasized that this move is a monumental achievement for the company, born and bred in Terrassa in 1978. Over the past two decades, Cirsa's growth has been fueled by strategic acquisitions and strengthened market positions in its operational regions. Agut believes that the company's partnership with Blackstone has been essential to this progress.
Cirsa's collaboration with Blackstone has been instrumental in its transformation and expansion. While the collaboration has boosted Cirsa's performance, Blackstone has also stayed cautious with its investments. Indeed, in March 2025, Cirsa's IPO was held in abeyance due to Blackstone navigating various market uncertainties.
Capitalizing on the Online Gaming Boom
Cirsa CEO, Antonio Hostench, underscores that his company is an innovative organization, effectively blending brick-and-mortar and digital gaming channels. The announcement of Cirsa's intention to go public is a giant leap forward in its growth trajectory, offering a platform to pursue new ventures and fortify its dominance in the competitive gaming sector.
In the pursuit of expansion and debt reduction, Cirsa plans to use the funds from its upcoming initial public offering (IPO) to bolster growth and lower its existing debt levels. Notably, the online gaming and betting division is expected to contribute significantly to the company's net operating income, particularly speculated to account for 22.5% of total net operating income in the first quarter of 2025, signifying a rise in sports betting alongside the growth of online casinos.
