Apollo-Backed Lottomatica to Raise $467 Million in Milan IPO

Lottomatica, the Italian gambling company backed by Apollo Global Management Inc., is looking to raise €425 million ($467 million) of fresh capital in a Milan initial public offering this year, injecting life into Europe’s moribund equity capital market.

The offering will also include an as-yet undisclosed sell-down by existing shareholders. The company is seeking a valuation of around $5 billion including debt, Bloomberg News reported in January.

Europe’s IPO market effectively shut last year as rising interest rates and heightened inflation pushed investors into risk-off mode. Some companies are now betting that pent-up demand for listings will help ...