Lottomatica confirmed that it will proceed with its initial public offering on Euronext Milan by the end this month.
Italian operator hopes to raise EUR425m ($467m/PS376m) from the IPO, most of which is used for debt financing.
Apollo Global Management has yet to confirm how many shares, both existing and newly issued, will be placed on the market. Private equity firm Apollo Global Management acquired Lottomatica in a deal nearly two years back.
Barclays is acting in a joint capacity as global coordinators for the floatation, along with JP Morgan, Goldman Sachs, and UniCredit.
Lottomatica said in a trading update today (Friday), that revenues for the quarter ended 31 March will be between EUR421m to EUR423m. It represents an increase between 19% to 20% on a year over year basis.
An increase of 40% in online revenue raised the adjusted earnings before interests and deductions to EUR155m-EUR156m. The pro forma increase is 15-16%, which includes the November takeover by Betflag of an online sports betting and casino operator.
Lottomatica has reiterated that it expects its EBITDA for the full year to be between EUR550m-EUR570m. This is based on an online EBITDA at least EUR275m with a turnover between EUR1,57bn and EUR1.67bn.
Lottomatica announced a profit net of EUR79.3m last month for the 2022 fiscal year, following an increase in revenues by 72.8%.
The operator operated as a separate business for the first time in the last year after Apollo signed a contract to buy the B2C Lottomatica operations from IGT by June 2021.
