The Italian gaming operator Lottomatica is gearing towards an initial public offering (IPO) with the goal of raising up to €600 million consisting of €425 million of newly issued stock, and €175m of shares that will be sold by the investor Gamma Topco.
iGaming Business reported that share prices will range from €9 and €11. The IPO will run from April 24-27 at the Euronext Milan exchange.
Most of the capital raised will finance debt, the majority of which is owed to Lottomatica’s parent company Apollo Global Management.
According to iGaming Business, Gamma has given Goldman Sachs an option to buy an additional 20 million shares—about 15 percent of the total shares being offered— which must be exercised within 30 days after the IPO goes on sale.
Besides the Euronext Milan exchange, the IPO will be available to institutional investors in the European Union and the U.K. and in the U.S.
