Alantra acts as Co-Lead Manager for the IPO of Cirsa, a Blackstone portfolio company, on Madrid Stock Exchange

Jul 2025

Co-Lead Manager

Value €521mn

Madrid – Alantra has acted as Co-Lead Manager for the successful Initial Public Offering (“IPO”) and listing of Cirsa Enterprises, S.A.U. (“Cirsa” or “the company”), a leading global gaming and leisure company backed by Blackstone, on the Spanish Stock Exchange. The company began trading today at €15 per share, implying a market capitalization of approximately €2.5bn.

The offering raised approximately €521mn in gross proceeds, including the full exercise of the 15% over-allotment option. The IPO consisted of a primary tranche of €400mn in newly issued shares and a secondary placement of €53mn in existing shares.

Alantra played a key role in securing strong demand from Spanish institutional investors, organizing multiple meetings between the company and leading investors in Madrid.

Founded in 1978 and backed by Blackstone since 2018, Cirsa is one of the largest gaming operators in Europe and Latin America. The company operates more than 450 gaming venues and over 85,000 slot machines across 11 countries, with a diversified offering across casinos, slot routes, and online gaming platforms.

André Pereira, Partner and Head of ECM Iberia at Alantra Equities, said: “This transaction is particularly meaningful for Alantra, as it reflects the continued trust that both issuers and investors place in our team. It has been a real pleasure to support Cirsa and Blackstone on this important milestone, and we’re proud of the outstanding work delivered by everyone involved. This IPO marks an additional step in the reactivation of capital markets activity in Spain and will hopefully encourage more companies to take the same step in the coming months”

This transaction further reinforces Alantra’s strong positioning in the Spanish Equity Capital Markets space. In the last year, the firm has participated in all the landmark ECM deals in the Spanish market, including the €860mn IPO of HBX Group, the €185mn IPO of Cox, the €230mn capital increase for Neinor Homes and the €150mn one for OHLA, as well as the ABB for Clínica Baviera.