Cirsa Enterprises, a casino operator owned by Blackstone, launched its initial public offering (IPO) in Spain, targeting a valuation of approximately €2.5 billion ($3 billion). The company set its IPO price at €15 per share, aiming to raise around €375 million to accelerate growth and reduce leverage. The IPO prospectus was approved by Spain's Comisión Nacional del Mercado de Valores (CNMV), with the stock debuting on July 9, 2025. Cirsa's shares opened at €15 and rose by 6.6% to €16 on the first day of trading, reflecting strong investor demand with a reported oversubscription of seven times. Joaquim Agut, Cirsa's president, is set to benefit personally from the IPO, with reported earnings of €34 million. Moody's subsequently upgraded Cirsa's credit rating to 'B1' with a positive outlook following the public listing. The IPO is noted as the second major public offering in Spain in 2025 and is expected to influence the tone of European IPOs during the summer period.