CIRSA just made it official: it’s heading to the Spanish stock market. The long-standing gaming operator wants to go public, aiming to raise serious cash, €400 million, to fast-track its growth and clean up its balance sheet. This CIRSA IPO Spain move marks a big chapter for the company as it looks to scale even further in its regulated markets.

  • CIRSA is going for a €400 million primary share issue, plus a €60 million secondary offering to handle management-related tax and admin costs. Most of that fresh money—about €375 million—is earmarked for paying down debt, which would bring net leverage down to around 2.7x based on its latest earnings.

  • The company is already a giant in gaming, with operations in 11 countries including Spain, Italy, Mexico, and Peru. It’s posted 67 straight quarters of EBITDA growth. if you skip the COVID years, and pulled in €699 million in EBITDA for 2024, up 11% from the year before.

  • Online gaming is becoming a bigger part of CIRSA’s revenue mix, especially after snapping up Apuesta Total in Peru. In Q1 2025, online gaming made up 22.5% of net revenues, a solid jump from 16.5% a year earlier. The segment now has over 2.1 million active users.

  • Across its business, CIRSA operates over 85,000 gaming machines, 451 casinos and halls, and roughly 2,500 betting locations. It’s present both physically and digitally, with seven online gaming licenses across Europe and Latin America, and sees a lot of room to grow online in markets like LATAM.

  • CIRSA’s IPO will land it on Spain’s four main exchanges – Barcelona, Madrid, Bilbao, and Valencia – via the Mercado Continuo system. The final go-ahead depends on market conditions and approval from Spain’s financial regulator, the CNMV.

  • Executive Chairman Joaquim Agut reflected on the journey: “This company, founded in Terrassa in 1978, has built an extraordinary track record… Our growth was further accelerated by our transformative partnership with Blackstone in 2018.”

  • For 2025, the company projects revenues between €2.28 and €2.33 billion and EBITDA in the €740–750 million range. It’s also keeping up its deal-making game, with plans to invest €400–500 million in acquisitions through 2027.

  • CIRSA isn’t paying out dividends just yet but aims to do so from 2026, targeting a payout ratio of around 35%. That will depend on its profits and available reserves after the IPO.

  • Big names are backing the offering—Barclays, Deutsche Bank, and Morgan Stanley are among the lead coordinators. Lock-up periods of up to a year will apply to major insiders to keep things stable after the float.

  • On the ESG side, CIRSA ranks second globally in Sustainalytics’ casino and gaming category and holds a 45 score from S&P, beating the industry average. The company says it’s committed to pushing its sustainability agenda even further.

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