(Adds details on company, valuation, revenue)
MILAN, April 20 (Reuters) –
Italy’s largest gaming group Lottomatica announced on Thursday that it will seek a valuation of up to €2.67 billion ($2.93 billion) in its initial public offering (IPO) by offering shares at between €9 and €11 each sold.
The group of the US fund Apollo Global Management intends to use up to 600 million euros in proceeds from the IPO to reduce debt.
Lottomatica will sell both new and existing shares. To issue new shares, it will carry out a capital increase of up to EUR 425 million.
The offer period is expected to begin on April 24th and end on April 27th.
Lottomatica achieved a turnover of 1.4 billion euros in 2022, with 22.8 billion bets placed both online by over 1 million digital customers and through a franchise network with around 18,000 points of sale.
Barclays, Deutsche Bank, Goldman Sachs, JP Morgan and UniCredit act as joint global coordinators.
They are also Joint Bookrunners with Apollo Capital Solutions, Banca Akros, BNP Paribas and Mediobanca. Equita SIM is co-manager and Credit Suisse is financial advisor.
($1 = 0.9119 euros) ($1 = 0.9127 euros) (Reporting by Alessia Pe and Valentina Za, Editing by Gianluca Semeraro)
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