The Autorite des Marches Financiers validated Thursday night the registration document of the operation, kicking off the privatization project of the national lottery which must bring at least one billion euros to the state.
The listing of the FDJ, fourth lottery world and number two European, is a test for the government, the last privatization of a public company via an IPO dating back to 2006.
It comes in a shaky context for quotations in Europe against investors made feverish by fears of a global slowdown, the imminence of Brexit and the trade battle between China and the United States.
The Italian yacht manufacturer Ferretti is the fourth group to have abandoned its ambitions on the stock market this month, for lack of having obtained the price he wanted.
In total, 79 IPOs in Europe raised $ 18.7 billion (16.8 billion euros) since the beginning of the year, according to Refinitiv figures, compared to 39.4 billion for 146 operations. over the same period in 2018.
"Today, our bank syndicate does not consider that the market conditions prevent the operation," FDJ CEO Stephane Pallez told reporters.
The manager, who was reappointed for five years at the head of the group, said he found a strong appetite for institutional investors, French and international, during presentations in Paris and London.
FIRST QUOTATION NOVEMBER 21
"These are people interested in the profile of FDJ is a value of return, medium-long term with a high predictability of the type of result and returns," she said at a press conference, refusing any comment on the valuation and the future price range.
The online gambling and sports betting operator, which has experienced an average 5% increase in bets over the past 25 years, is hoping to attract investors thanks to a generous dividend policy of 80% redistribution of net income as of 2020.
To attract individuals to whom a tranche will be reserved, the transaction provides that they benefit from a free share for 10 shares purchased if they are kept for eighteen months. A discount of 2% on the price of the action will be applied to them.
"It seems to us very important that in a period when rates are very low, there may be transactions in the French market that encourage savers to invest in assets that outperform the bond yield," Martin Vial explained. , number one of the Agency of state participations, at the conference.
Individuals and investors will be able to subscribe to the FDJ shares between November 7th and 20th. The first listing is scheduled for November 21st.
If it succeeds, the listing of the FDJ could also pave the way for other deprivations, including that of ADP (former Aeroports de Paris) also approved under the Pact Act but for the moment frozen in the waiting for the results of a referendum of shared initiative.
The proceeds of these operations intended to feed a fund for innovation, endowed with ten billion euros, and to participate in the deleveraging of the country.
(With Jean-Philippe Lefief and Benoît Van Overstraeten, edited by Jean-Michel Belot)
by Gwenaelle Barzic