Spain-headquartered betting and gaming operator Cirsa has unveiled plans to proceed with an IPO on Spanish stock exchanges. 

Cirsa plans to apply for listing on the Barcelona, Bilbao, Madrid and Valencia stock exchanges through Spain’s continuous market system.

The Blackstone-owned operator seeks to raise €400 million in new capital from the IPO alongside approximately €60 million in secondary share sales.

This capital will help fund future mergers and acquisitions as well as offset some of the company’s debt.

Since 2015, the company has completed over 130 acquisitions, which have seen its operations grow to 451 casinos (including 268 gaming halls), with 35,679 slots and 645 tables in operation. Cirsa’s markets include Spain, Italy, Portugal, Peru, Colombia, Panama and Mexico.

Barclays Bank Ireland, Deutsche Bank and Morgan Stanley Europe are serving as joint global coordinators for the transaction, with BBVA, Jefferies, Mediobanca – Banca di Credito Finanziario., Société Générale and UBS Europe acting as joint bookrunners. 

The company’s net leverage ratio is expected to fall to around 2.7x after the transaction. 

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.”

Antonio Hostench, CEO of Cirsa, 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.”

In its most recent financial results, Cirsa reported a 12.5 per cent increase in net revenue to €576.7 million for the first quarter of 2025.