Today marks a historic day for CIRSA, the leading Spanish gaming and leisure company, which has officially confirmed its intention to go public on the Spanish stock market next July. This strategic move, spearheaded by its majority shareholder Blackstone, represents a new milestone in the Group's established trajectory, solidifying its leadership position and ushering in a new era of growth.
The company has published its Intention to Float (ITF), the formal document communicating its decision to begin trading. This long-awaited market operation is being activated after a period of intense preparation and in a favorable context for major public offerings, following the recent successful listing of Lottomatica, its main comparable.
CIRSA aims to raise €460 million through a combined operation that will include an initial public offering (IPO) of new shares worth €400 million and a secondary public offering (SPO) of existing shares totaling €60 million.
The €400 million IPO will primarily be used to accelerate CIRSA's growth strategy and strengthen its capital structure by reducing debt. This primary tranche has been optimized thanks to a recent €600 million bond issuance by Blackstone, which allowed CIRSA to reduce its debt by €240 million. The €60 million SPO is exclusively intended to cover taxes and other expenses associated with the restructuring of management's shareholdings. The listing will also include an over-allotment option ("green shoe") for the bookrunners.
Headquartered in Terrassa (Barcelona), CIRSA has demonstrated robust financial health. In 2024, the group reported operating revenues of €2.15 billion, an 8% increase year-on-year. EBITDA reached €699 million, an 11% rise from the previous year. As of March this year, revenues have climbed to €577 million, up 12%, with net profit increasing by 21%.
To ensure the success of this operation, CIRSA and Blackstone have assembled a consortium of top-tier advisors. Lazard is acting as financial advisor to Blackstone. Barclays, Deutsche Bank, and Morgan Stanley are serving as global coordinators. BBVA, Jefferies, Mediobanca, Société Générale, and UBS are participating as bookrunners. Finally, Alantra, BTIG, Redburn Atlantic (Rothschild), and Renta 4 will act as co-lead arrangers.
Legal advice for the company is provided by Garrigues, with support from Simpson Thacher & Bartlett for international matters. Linklaters is serving as legal advisor to the banking syndicate.
18+ | Juegoseguro.es – Jugarbien.es
