Finance
IPO values Blackstone's gambling co Cirsa at 2.52 billion euros
Published by Global Banking & Finance Review®
Posted on July 7, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 7, 2025
2 min readLast updated: January 23, 2026
Cirsa's IPO values the company at €2.52 billion, marking the first Spanish IPO since February. The offering was oversubscribed, with shares set to trade on July 9.
MADRID (Reuters) -Blackstone's gambling company Cirsa confirmed on Monday the share price of 15 euros ($17.60) in an oversubscribed initial public offering that floats at least 18% of the capital and values the whole company at 2.52 billion euros.
The IPO, whose planned terms were announced on June 30, is the first in Spain since travel tech company HBX Group raised 725 million euros in February in a deal that valued it at 2.84 billion euros at the time.
Cirsa operates casinos and gambling platforms in Spain - where it is the largest casino operator - Italy and Morocco, as well as in Latin America. It entered Portugal and Puerto Rico last year.
The maximum offering size, including the over-allotment option, which if exercised in full would take the free float to 20.7%, was set at 521 million euros, or 34.8 million shares, the company said in a regulatory filing.
Cirsa expects its shares to be listed and start trading on the Spanish stock market on July 9.
One of the bookrunners, who include BBVA, Jefferies, Mediobanca, Societe Generale and UBS, said last week the books were multiple times oversubscribed.
Equity capital markets offerings from issuers in Europe, the Middle East and Africa totalled $71.2 billion in the first half of 2025, a 25% drop from a year ago and a two-year low.
($1 = 0.8522 euros)
(Reporting by Andrei Khalip; editing by Charlie Devereux)
The share price for Cirsa's IPO is set at 15 euros ($17.60).
Cirsa expects its shares to be listed and start trading on the Spanish stock market on July 9.
The IPO floats at least 18% of Cirsa's capital.
The bookrunners for Cirsa's IPO include BBVA, Jefferies, Mediobanca, Societe Generale, and UBS.
Equity capital markets offerings from issuers in Europe, the Middle East, and Africa totalled $71.2 billion in the first half of 2025.
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