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Permira, Apax’s Sisal Said to Seek $2 Billion Value in Italy IPO

Sisal Group SpA, an Italian gaming and payment services provider, is seeking a valuation of as much as 1.5 billion euros ($2 billion) in its initial public offering, according to two people with knowledge of the matter.

Sisal, of which Apax Partners LLP and Permira Advisers LLP own 36.4 percent each, began investor meetings for a Milan listing today, deal terms showed. The IPO could raise 400 million euros to 500 million euros, the people said, asking not to be named as details of the sale aren’t public yet.

Italian companies have raised about $1.4 billion from IPOs this year, joining issuers elsewhere in Europe that are rushing to the market in the busiest first half of the year for the sales since 2011, according to data compiled by Bloomberg. Not all hopefuls are making it past the finish line. Budget airline Wizz Air Ltd. of Hungary today became the latest to scrap its plans for a sale.

Sisal reported a full-year loss of 99 million euros for 2013, including 77 million euros it paid in a settlement. Revenue was 772 million euros.

Spokesmen for Sisal and Permira declined to comment on the valuation estimates. Both the company and shareholders will sell stakes in the IPO, according to today’s terms.

The other shareholders are Clessidra, the Molo family, Global Leisure Partners and former Sisal management, according to the terms of the sale. Deutsche Bank AG and UBS AG are joint global coordinators, and are joint bookrunners along with Banca IMI SpA and UniCredit SpA.

To contact the reporter on this story: Ruth David in London at rdavid9@bloomberg.net

To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net David Risser, Kim McLaughlin

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