Blackstone set to float Cirsa in €700–1,000 million IPO ahead of Easter: report
Blackstone is preparing to list Cirsa—the Spanish operator of casinos, slot machines, sports betting (Sportium), and online gaming—on the Madrid Stock Exchange, according to a report by the Spanish daily Expansión. The offering, known internally as “Proyecto Atalanta,” is expected to raise between €700 million and €1 billion through a dual approach that combines a public subscription offering (OPS) for new shares and a public sale offering (OPV) of existing shares. An official “Intention to Float” (ITF) document is scheduled to be released around 13 March 2025, with Cirsa aiming to begin trading by mid-April, ahead of Easter, the report added.
Market conditions and objectives
The IPO was initially slated for November 2024 but was postponed due to market volatility linked to the U.S. elections. Cirsa now has a four-month window following its audited annual results to complete the listing if market conditions prove favorable. A primary objective of the transaction is to refinance Cirsa’s existing debt—currently at 3.8 times earnings before interests, tax, depreciation, and amortisation (EBITDA) and align its financial leverage with that of publicly traded companies.
Investment banks and legal advisors
For the upcoming offering, Blackstone has engaged Lazard as its financial advisor. Barclays, Deutsche Bank, and Morgan Stanley will manage the global coordination of the IPO. The bookrunners include BBVA, Jefferies, Mediobanca, Société Générale, and UBS, with Alantra, BTIG, Redburn Atlantic (Rothschild), and Renta 4 serving as co-lead arrangers. Legal counsel is provided by Garrigues, supported by Simpson Thacher & Bartlett for international matters, while Linklaters advises the banking syndicate.
Financial performance and future growth
Cirsa, headquartered in Terrassa (Barcelona), reported operating revenues of €2.15 billion in 2024 —an 8 percent increase from the previous year—and an EBITDA of €699 million, marking an 11 percent year-on-year growth. The company’s robust financial performance and strategic expansion, including a significant presence in Latin America, underscore its readiness for the IPO and future growth prospects.
The upcoming IPO is a critical milestone for both Cirsa and Blackstone. By floating at least 25 percent of its stake, Blackstone aims to unlock value while positioning Cirsa for further expansion and debt refinancing.
