Cirsa, the gaming empire, will go public on July 9.

BarcelonaCirsa, the gaming empire, will debut on the stock market on July 9. It will be the second major IPO in 2025, following the February listing of HBX Group, a travel agency provider. The National Securities Market Commission (CNMV) approved the transaction prospectus on Tuesday, allowing the company to set a date for its debut.

The shares will be listed at 15 euros, following the capital increase to complete the stock market launch. As a result of this price, the valuation of 100% of the company, owned by Blackstone, will be €2.52 billion, according to estimates by the group chaired by Joaquim Agut.

More than 30.2 million shares of the company will be listed on the stock market, initially with a total value of €453 million. In addition, the company will also include an offer for sale of more than 3.5 million shares, valued at 53 million, "used solely to settle taxes and other expenses associated with the restructuring of management stakes."

The shares listed for trading will come entirely from Blackstone, as it is the company's dominant shareholder. Once trading begins on the market, and once the offer is allocated, 18% of the capital will float on the stock market. Thus, Blackstone will control 78.4% of the capital. The remainder, which represents an additional 3.6%, will be distributed among its CEO, executive chairman, and other executives. If the overallotment provided for in the transaction is ultimately implemented, Blackstone's capital, through its instruments, would remain at 75.7%, according to the information in the prospectus.

Blackstone had decided over a year ago that Cirsa, founded by the Lao family—who sold it to the US fund in 2018, with the exception of its Argentine business—would make the leap to the stock market. After halting the operation while waiting for the markets to normalize, it opted to go public a few weeks ago.