Blackstone Leads the Revival of IPOs in Spain Blackstone Leads the Revival of IPOs in Spain with Cirsa and HIP
Ion Jauregui – Analyst at ActivTrades
Blackstone, the world’s largest investment fund, has strongly reactivated the IPO market in Spain with two of its most prominent portfolio companies: Cirsa, a gaming industry giant, and Hotel Investment Partners (HIP), a leader in vacation resorts in Southern Europe. Both companies are in advanced stages of an initial public offering process, following a dual-track strategy that simultaneously explores a market listing or a direct sale to the highest bidder. This strategy offers flexibility to maximize value based on investor demand and market conditions.
This dual-track model involves preparing two strategic alternatives:
An IPO (Initial Public Offering): listing the company’s shares on a regulated market to raise capital or enable shareholders to sell their stakes.
A direct sale (trade sale): selling the company to another fund, institutional investor, or industry player.
This approach allows Blackstone to remain flexible and choose the most profitable or stable option, depending on investor appetite and market timing. It is a common model among major private equity firms looking to maximize returns when exiting mature or high-potential assets. In Cirsa’s case, the traditional IPO route has been selected, involving the issuance of new shares and an overallotment option. For HIP, the final decision between an IPO or a trade sale is still under evaluation.
Cirsa: First to Market
Cirsa aims to raise €400 million in its stock market debut, with a total estimated valuation of €2.52 billion, according to documents seen by Reuters. The company, which operates in Spain, Italy, Morocco, Latin America, and more recently in Portugal and Puerto Rico, will issue new shares at an initial price of €15, with an additional €68 million overallotment option.
The transaction, led by BBVA, Jefferies, Mediobanca, Société Générale, and UBS, would mark the first IPO in Spain since HBX Group's offering in February. It could help revitalize the national capital markets, particularly in leisure and tourism sectors.
HIP: On the Road to the Stock Market
Simultaneously, HIP has completed its transformation into a public limited company—an essential step toward going public. The firm manages 73 hotels with over 22,000 rooms across Spain, Italy, Portugal, and Greece, and is valued at around €6.5 billion. In December 2023, Singapore's sovereign wealth fund GIC acquired a 35% stake, strengthening HIP’s institutional appeal.
HIP’s IPO process is being managed by Citi and Morgan Stanley, with legal advisory from Uría Menéndez. The remaining financial advisors are expected to be announced shortly.
Strategic Rotation Amid a New Real Estate Cycle
In parallel with these IPOs, Blackstone has been carrying out a strategic rotation of its real estate portfolio in Spain, particularly in Catalonia, where both the residential and logistics markets have shown signs of cooling after years of expansion. Regulatory pressure, rental restrictions, and political uncertainty have compressed margins in the residential sector.
In response, the fund has redirected its focus toward the hotel sector, which has proven more dynamic and profitable in the post-pandemic context—marked by record occupancy rates, rising prices per room, and strong international investor appetite. HIP has become its flagship vehicle for this bet, and the upcoming IPO strengthens its long-term commitment to high-quality tourism in Southern Europe.
At the same time, Blackstone has rotated toward the gaming and entertainment sector with its investment in Cirsa; into logistics and industrial assets via platforms like Mileway or Logicor; and has explored infrastructure and energy opportunities, such as renewables, distribution networks, or treatment plants—though at a lower scale than in hospitality.
In short, Blackstone has shifted its attention to more institutionalized sectors tied to tourism or structural consumption, where it can apply its model of active asset revaluation.
Spain Back on the Radar of Global Investors
Blackstone’s simultaneous push for these two IPOs could mark a turning point for the Spanish market, which has seen limited IPO activity in recent years. The success of these listings could open the door to new deals, at a time when demand for European assets is rebounding, fueled by macroeconomic stability and Southern Europe’s appeal in tourism and leisure.
Through these moves, Blackstone not only optimizes its portfolio in Spain but also positions the country as a key destination for major IPOs in Europe.
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