The Italian betting provider Lottomatica could end the months-long lull in new issues in Europe with its IPO. Within a short time, the order books were filled on the first day of the subscription period. This was announced by the accompanying banks to investors on Monday. The company, which belongs to the American financial investor Apollo, is still offering shares for nine to eleven euros each until Thursday and could thus raise up to 690 million euros. The stock market debut is scheduled for Friday. In total, Lottomatica would be valued at up to €2.67 billion on the Milan Stock Exchange.
With 22.8 million bets placed, the company turned over 1.4 billion euros last year - online and through its approximately 18,000 betting shops. With the IPO, Apollo wants to reduce its stake to about 75 percent. Part of the proceeds from a capital increase of up to 425 million euros will also benefit Apollo: Among other things, Lottomatica intends to use it to repay a shareholder loan of 250 million euros. The IPO is accompanied by Barclays, Deutsche Bank, Goldman Sachs, JPMorgan and UniCredit.
Rising interest rates and the shaky economy have unsettled investors since last year and almost dried up the market for new issues. In the first quarter, there was only one IPO in the world with proceeds of more than one billion euros: the gas division of the Saudi Arabian oil company Adnoc raised around 2.5 billion dollars. In Germany, only the cloud and web hosting provider Ionos made the leap onto the trading floor.
With the furniture group Italian Design Brands, the next stock market candidate from Milan is preparing to implement its stock market plans, as the company announced a week ago. In Germany, most candidates have postponed their plans until the summer or autumn. In Switzerland, the skin care group Galderma is most likely to be trusted to solve the blockage.