The Italian lottery firm Sisal SpA has filed for an Initial Public Offering (IPO) on the Milan Stock Exchange.
As reported by Reuters, the CVC Capital Partners owned firm has issued the IPO via selling shares through the private equity group.
Sisal is filing for IPO as part of a strategy to geographically grow in Europe, given that the vast majority of its revenue comes from its home nation of Italy.
Aiming to elevate its position in Europe, Sisal has obtained concessions for retail and online gaming business in Turkey, Morocco and Spain.
It is also currently competing in the Fourth UK National Lottery license tender, facing tough opposition from current incumbents Camelot, India’s Sugal & Damani, and the Czech Republic’s Sazka Group under the UK identity of Allwyn.
The winner of the tender is set to be announced in February 2022 followed by a two-year handover period.
Funds raised through the public floating of the company will add to the capital invested in the National Lottery bid by CVC Capital Partners and the support provided by British Telecom (BT).
Sisal first planned to float publicly in 2014, however, withdrew from the process after taking advice from Deutsche Bank and UBS Ltd.
The advisers warned the firm that, due to adverse market conditions, it would not have raised its target fund of €1bn.
In this latest IPO filing, Sisal will be advised by Deutsche Bank, Eqiuta SIM, JP Morgan and UniCredit.