Sisal Group spa, among the main operators in the gaming and payment services business in Italy, has filed with Borsa Italiana a request for the admission to list and trade its shares on the Italian Stock Exchange (download here the press release).
Deutsche Bank and Ubs will act as Joint Global Coordinators and Joint Bookrunners. Banca Imi and Unicredit will act as Joint Bookrunners. UniCredit will also act as Lead Manager for the Italian public offering. Banca Imi will also act as Sponsor. Linklaters acts as legal advisor of Sisal group and PwC is the independent auditor. Latham & Watkins acts as legal advisor to the Joint Global Coordinators and Joint Bookrunners.
Listing will happen next Autumn and the ipo will result from both a capital increase and a sale of shares by actual shareholders who are private equity operators Apax, Permira and Clessidra. Floating capital should be a 30-40 pct stake. Apx and Permira funds (owning a 40 pct stake each in Sisal’s capital) are seen to remain as sareholders’ in Sisal group’s capital with smaller stakes while Clessidra (owning a 15pct) is instead going to sell all its position. Clessira firsty invested in Sisal in 2005 when the group was valued 400 million euros. The fund sold the majority of Sisal to Apax and Permira in 2006 on an enterprise value basis of 900 million euros. Sisal is now thoght to value 1.51.7 billion euros, included debt.
Consolidated gross financial debt was 738.8 million euros last March 31st , including 275 million euro of high yield bonds (download here the quarterly accounts) after a quarterly revenue of 209.7 millions and an adjusted ebitda of 54,7 milioni. In 2013 (download here the 2013 accounts) Sisal reached consolidated revenues of 772,3 millions (down from 823.4 millions in 2012), with an adjusted ebitda of 175.5 millions (from 171.6 millions),a net loss of 98.8 millions (from a 39 millions loss) and gross financial debts of 719.6 milioni (from 718.6 millions).
