Sisal Group halts Italian IPO

Sisal Group CEO Emilio Petrone

Italian gambling and lottery operator, Sisal Group has pulled out of its planned initial public offering, citing adverse market conditions in Italy and abroad.

Sisal senior management issued a statement late on Friday, stating that after careful monitoring of market conditions, it had been advised by IPO partners Deutsche Bank and UBS Ltd, to abandon its plans floating on the Borsa Italiana.

IPO advising banks Deutsche Bank and UBS Ltd had asked senior Sisal management to withdraw its float, due to tensions in the European stock markets tensions and anxieties caused the suspension of Portuguese bank – Espirito Santo International.

The advising parties believed that Sisal Group would not have met its initial target floatation mark of €1 billion ($1.36 billion) under the adverse market circumstances.  Sisal had planned to sell 60-68% of its corporate equity.

Sisal Group CEO Emilio Petrone and company Chairman, Augusto Fantozzi, have not made comment on the halting of the IPO, it remains unclear when or whether Sisal will look to float on the Borsa Italiana.

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