Published
OnlineFinancialIndustry

Italy's Lottomatica IPO priced bottom of range at €9

Lottomatica is expected to start trading on 3 May but its IPO has been priced at the bottom of its target range.

italy lottomatica ipo
Listen To Article

Italian gambling firm Lottomatica said it has priced its shares in its initial public offering (IPO) at €9 ($9.93); which is the bottom of its target range. At this price, the company would debut on the Milan Stock Exchange on 3 May with a market cap of €2.27bn. 

The gambling provider offers wagers on sports and other events both online and in-store across Italy. Despite its ambitions, it has fallen short on its IPO. Lottomatica said it is aiming to deliver a mid-point core profit of €560m this year.

Lottomatica’s 2022 financial report saw revenue growth push the business into profitability during its first full year of trading since the company’s acquisition. During the period, Lottomatica reported a net profit of €79.3m

Lottomatica is owned by private equity firm Apollo Global Management. The free float will be equal to 26.5% of the share capital, but it could rise to 30.5%.

Lottomatica expected to start trading on 3 May and had set an initial target price of €9 to €11 per share.

Lottomatica’s IPO – which ran from 24 to 27 April – aimed to raise €600m consisting of €425m of newly issued stock and €175m of shares to be sold by existing investor Gamma Topco.

Gamma granted investment firm Goldman Sachs an option to purchase nearly 20 million additional shares, to be exercised during a period of up to 30 days after the shares start trading on the Euronext Milan exchange. This amounts to around 15% of the total number of shares on offer.

Premium+ Connections
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Soft2Bet
Scientific Games
Digitain Malta
Follow Us

Facing Facts: Q3 2024 analysis

Gambling Insider takes a look at the Q3 results of operators...

Taking stock: The final count of 2024

Gambling Insider tracks operator and supplier prices of some...

CEO Special: Flutter CEO Peter Jackson – Playing to win

As the biggest publicly traded operator in gambling meets th...

CEO Special: Holland Casino CEO Petra de Ruiter – High flier

Petra de Ruiter, Holland Casino CEO, speaks to Gambling Insi...

A welcome from your host

A message from the Founder of the Global Gaming Awards and G...

From the event manager

A message from the Event Manager of the Global Gaming Awards...

From the Awards adjudicator

KPMG in the Crown Dependencies is the official voting adjudi...

The process

The Global Gaming Awards have deservingly earned the reputat...