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Italy’s Lottomatica to offer IPO

Lottomatica, a gaming company based in Italy, is offering an initial public offering. The IPO seeks to raise up to €600 million from an issue of existing shares and newly issued stock, with shares ranging in price from €9 and €11.

Lottomatica is gearing towards an IPO with the goal of raising up to €600 million consisting of €425 million of newly issued stock, and €175 million of shares that will be sold by the investor Gamma Topco.

The IPO will run 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, the U.K. and the U.S.

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