Italy's largest gambling 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 selling shares priced between 9 and 11 euros each. The IPO is set to take place in Milan and will consist of new and existing shares, with proceeds potentially reaching up to €600 million ($657.96 million).
Owned by U.S.-based Apollo Global Management, the company aims to utilize the funds raised from the IPO partly for debt reduction and executing a capital increase worth up to €425 million.
The offer period is expected to commence on April 24th and conclude by April 27th.
In 2022, Lottomatica reported revenues amounting to €1.4 billion alongside approximately 22.8 billion bets placed both online through their over one-million-strong digital customer base as well as via an extensive franchising network comprising around 18,000 outlets.
Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, and UniCredit are acting as joint global coordinators for the upcoming IPO while Equita SIM serves as co-manager; Credit Suisse has been appointed financial adviser.
"We believe this listing represents an important milestone for our company," said Marco Sala CEO of Lottomatica Group during a press conference announcing the event "It demonstrates not only our commitment to transparency but also our dedication towards sustainable growth."
As Italy's most significant gambling group continues its expansion efforts domestically and internationally alike—enhancing brand recognition throughout Europe—their forthcoming entry into Italian stock markets embodies yet another crucial step forward toward achieving these broader objectives within an ever-evolving industry landscape.