Along with applying to list on the MTA, Sisal has requested permission to release an information prospectus regarding the shares from Commissione Nazionale per le Società e la Borsa (CONSOB), the body that regulates the Italian securities market.
Sisal previously published a prospectus for an IPO in 2010, but the IPO did not progress.
Listing on the MTA will allow Sisal to raise funds by offering stock through the IPO.
The stock will be denominated on 25 October 2021.
The transaction of shares will allow an offer to be made through an institutional placement, which will be aimed at Italian investors in Italy and abroad, including the United States.
The offering also includes a greenshoe option from the selling stakeholder, which will allow a group of investment banks that underwrite an IPO to purchase and sell 15% more of shares at the same price than Sisal originally agreed to sell.
The banks jointly overseeing the deal are Deutsche Bank, Equita SIM, JP Morgan and UniCredit Corporate & Investment Banking.
Last week, Sisal released its first online casino and slots app.
In August, the company announced plans to demerge its payments subsidiary from its gambling operations.
The operator is also one of the bidders for the next UK National Lottery licence. The British Gambling Commission launched the fourth licence tender in August 2020, with the aim of announcing a preferred applicant by September 2021, but this was then delayed with the date of selection now set for February 2022.
The 2010 IPO stipulated that a maximum of 307.6m shares were to be offered at €0.34 per share.
A total of 298.9m of these were outlined to be ordinary shares, while the remaining 8.7m would be preference shares.