Overview

• The IPO’s primary tranche will raise €400 million, with net proceeds of about €375 million earmarked for international growth and debt repayment to lower net leverage to roughly 2.7 times EBITDA.
• A €60 million secondary sale by LHMC Midco, controlled by Blackstone funds, will cover taxes and restructuring costs linked to employee and executive shareholdings.
• Cirsa reported €2.15 billion in revenue and €699 million in EBITDA for 2024, reflecting year-on-year increases of 8% and 11%, respectively.
• The company operates in 11 regulated gaming markets across Europe and Latin America, having expanded into Portugal and Puerto Rico in 2024.
• Final pricing and launch timing hinge on market conditions and approval from Spain’s National Securities Market Commission, with execution expected in July.