• Cirsa is set to take its offer public by floating shares on what could be four Spanish exchanges
• The exact date of the IPO and number of shares have not yet been confirmed, but details are forthcoming
• Cirsa is planning to sell €400m worth of newly-issued shares and €60m of secondary shares as per the official announcement

Spanish gambling major and Backstone-owned company Cirsa confirmed on Wednesday that it is looking to launch an Initial Public Offering that will seek to raise as much as €460m through a listing on the Madrid stock exchange.

Cirsa is determined to hit IPO target, and plans to float ahead

The company has, however, applied for potential listings on the Valencia, Bilbao, and Barcelona stock exchanges, bringing the possible exchanges on which its shares will be floated to four.

This announcement signifies a significant step forward for the company as well. Cirsa Chairman JoaquimAgut had this to say as part of the statement announcing the incoming IPO:

"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."

Although a specific date was not named, the listing should happen this year, and the company will be selling €400m worth of newly-issued shares with €60m of secondary shares.

Cirsa did not clarify how many shares it intends to float, with this information most likely to be provided in the coming days or weeks.

Cirsa has been dominating Latin American and Spanish-speaking markets around the world for years, with the company getting a foothold in countries around the world. Yet, Cirsa has also broken ground in other non-native-language markets such as Portugal and Morocco, as well as Italy.

A force to reckon with in Latin America, Spain, and beyond

The company has more than 451 casinos and gaming rooms across the jurisdictions it’s licensed to operate, along with 2,500 sports betting locations and 85,000 slot machines.

In its 20-year history, Cirsa has been able to expand globally by acquiring overseas assets and doubling down on its position as market leader in core markets.

"Our growth was further accelerated thanks to our transformative alliance with Blackstone in 2018, which has been fundamental to our success," Agut said, acknowledging the importance that the Blackstone deal had played in the company’s recent history.

With Cirsa’s online gambling and betting divisions in an upswing, the company is expected to tempt investors into backing it when the IPO is finally rolled out.

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