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Lottomatica IPO aims at raising PS2.36bn

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Italian gambling operator Lottomatica has announced it will price its initial public offer (IPO) between EUR9 to EUR11 with a potential market capitalisation up to EUR2,67bn ($2,93bn, PS2,36bn).

Lottomatica will hold its IPO from April 24 through 27. The company is aiming to raise EUR600m, consisting EUR425m in newly-issued stock and EUR175m by selling existing investors Gamma Topco. The majority of capital raised will go towards debt. Much of it is held by Lottomatica parent company Apollo Global Management.

Gamma has granted Goldman Sachs, an investment company, the option to buy nearly 20 millions additional shares. This can be done within 30 days of the Euronext Milan stock exchange launching. Around 15% of all shares are on offer.

Guglielmo Angelozzi, LOTTOMATICA CEO

Initial access to the offering is restricted to qualified institutional investors from the European Economic Area, the UK and some US states. It is still awaiting approval by the Italian Financial Regulator Commissione Nazionale per le Societa e la Borsa, and Borsa Italiana.

As global coordinators and lead bookrunners of the project, a consortium including Barclays Bank Ireland and UniCredit, as well as Goldman Sachs JP Morgan, Deutsche Bank and Barclays Bank Ireland will be acting. Credit Suisse also provides financial advisory services.

Lottomatica’s first trading year

IGT sold its B2C Italian gaming business for EUR950m to Apollo’s subsidiary in May 2021. In the 2022 financial statement of Lottomatica, the revenue growth pushed the business to profitability in its first year since acquisition.

Lottomatica has reported an increase of 72.8% in revenues during the reporting period. After a revenue increase of 72.8% to EUR1.41bn, the company reported a profit net of EUR79.3m.

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