Blackstone’s Gaming Darling Cirsa Bets Big on IPO Jackpot—Because What Could Go Wrong?

Blackstone-backed casino operator Cirsa is aiming for a €2.52 billion ($2.95 billion) valuation as it prepares to go public on the Spanish stock exchange.

The company plans to raise €400 million by selling newly-issued shares at €15 apiece, hoping investors are feeling lucky.

A €68 million green-shoe option is on the table if there’s enough irrational exuberance to justify it.

Cirsa is Spain’s largest casino operator, with gambling operations across Italy, Morocco, Latin America, and recent expansions into Portugal and Puerto Rico.

The IPO, managed by BBVA, Jefferies, Mediobanca, Societe Generale, and UBS, would be Spain’s first since HBX Group’s €725 million raise in February.