Sisal Headed For An I.p.o. In Italy

Gambling group intends to offer up to 59.16 percent of its issued share capital

Italian gaming group Sisal is to offer up to 77.5 million ordinary shares in its initial public offering on the Italian Stock Exchange at a price of Euros 6.3 to Euros 7.7 per share, reports the Reuters news agency.

The offer, which will include a share issue, would amount to 59.16 percent of the company's capital, Sisal management said in a statement.

Before the share issue, the price range would value the company in the range Euros 645-790 million euros ($880 million-$1.08 billion), it added.

Apax Partners LLP and Permira Advisers LLP own 36.4 percent of Sisal, and began investor meetings for a Milan listing last week. The IPO could raise Euros 400 million to 500 million, insiders said.

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