MADRID (Reuters) -Blackstone's gaming company Cirsa said on Wednesday it planned to raise as much as 460 million euros ($529.46 million) in an initial public offering of shares on the Madrid stock exchange this year.

The company intends to sell up to 400 million euros in newly issued shares and an additional 60 million euros in a secondary share sale, it said in a statement.

Spain-based Cirsa plans to use to the proceeds to boost growth and repay debt, it said.

The statement did not specify the size of the stake Cirsa intends to float or the valuation it is aiming for.

The company operates casinos and gambling platforms in Spain, Latin America, Morocco and Italy and entered Portugal and Puerto Rico in 2024.

Cirsa said its earnings before interest, taxes, depreciation and amortization were 699 million euros in 2024, out of net revenues of 2.15 billion euros.

Morgan Stanley, Barclays and Deutsche Bank are acting as joint global coordinators on the offering.

The initial public offering is the first in Madrid since Spanish clean energy and water utility Cox went public in November last year.

($1 = 0.8688 euros)