Cirsa, a leading Spanish casino operator previously owned by Blackstone, made history on Wednesday, July 9, with a successful launch on the Barcelona Stock Exchange. The company, which operates casinos in 11 countries, including Spain, Italy, and Latin America, raised €400 million in its first day of trading, and its initial public offering (IPO) has valued the company at an impressive €2.5 billion.

A global presence and ambitious plans for growth:

This marks Spain’s largest IPO in the last decade. Cirsa issued 26.6 million new shares at an offering price of €15 each, reaching the expected valuation of around €15 per share by the end of the trading day. The company hopes that this capital injection will help reduce its debt and support its growth strategy, which includes plans for further acquisitions and market expansion.

Cirsa’s portfolio includes approximately 450 casinos worldwide, and the company has ambitious plans to further expand its reach. CEO Joaquim Agut expressed his excitement about the IPO, stating, “Today we have experienced a historic moment for Cirsa, the ringing of the bell at the Barcelona Stock Exchange. This marks the beginning of a new stage for our group and reaffirms our commitment to sustainable growth and long-term value creation.”

Cirsa operates in several international markets, including Spain, where it is the largest casino operator. It also has a significant presence in Morocco, Italy, and Latin America. The company has made strategic moves in recent years, including entering the Portuguese and Puerto Rican markets in 2024. The funds raised from the IPO will further solidify Cirsa’s position in these markets and support continued international expansion.

Cirsa’s growth strategy has been largely driven by its successful mergers and acquisitions (M&A) approach. Since 2015, the company has completed over 130 acquisitions, expanding its footprint and consolidating its presence in Spanish-speaking countries. This aggressive strategy has helped Cirsa enter new markets like Portugal and Peru in recent years.

As reported by Market Watch, in the first quarter of 2025, Cirsa reported an impressive 12.5% year-on-year growth in net operating revenue, reaching €576.7 million. The company has continued to expand its market share, building on its strong operational execution. The casino division alone saw an increase in operating profit by 9.1%, driven by the success of recent renovations and expansions at several of its properties.

Despite a strong start, the stock faced some volatility during its first trading day. Cirsa’s share price reached a high of €15.76, but by the close of the market, it settled at €15, the price originally set for the IPO. While the IPO had been heavily oversubscribed, the stock’s performance was a reminder that market expectations can be unpredictable. Still, Cirsa’s executives remain optimistic about the company’s long-term trajectory. A company spokesperson noted, “What matters to us is the long-term course of the shares,” signaling that Cirsa is focused on sustainable growth over short-term market fluctuations.

Private equity ownership fuels expansion:

Cirsa’s success story has been closely tied to its private equity ownership, particularly under Blackstone. Acquired by Blackstone in 2018, Cirsa remained part of the private equity giant’s portfolio throughout the pandemic and into 2025. This ownership structure has allowed Cirsa to capitalize on opportunities for growth and acquisitions, making it a formidable player in the global casino industry.

Private equity investment has become increasingly common in the gaming industry, with other companies like Superbet, Tipico, and Lottomatica following similar paths. Industry experts, such as Christian Tirabassi from Ficom Leisure, credit private equity backing for enabling Cirsa to expand rapidly and efficiently. “Led by private equity, you can go out, integrate, create synergy, and build a larger company present in all the gaming channels,” Tirabassi explained.

Cirsa’s IPO sets the stage for its continued success and expansion. The company remains committed to enhancing its customer experience through renovations, expansions, and a focus on innovation. Over 15 property improvements were launched in the first quarter of 2025 alone, highlighting Cirsa’s dedication to maintaining its competitive edge in the ever-evolving gaming industry.

Agut summed up Cirsa’s future ambitions, stating, “This new stage will enable us to implement our winning strategy of profitable and sustainable growth at a faster pace.” With a clear growth plan and a strong capital foundation, Cirsa is well-positioned to maintain its leadership in the global casino market.