initial public offering will be priced at between 16.50 euros
and 19.90 euros per share, valuing the company between 3.15 and
3.8 billion euros, or slightly above expectations.
The state, which owns 72% of FDJ, will retain a 20% stake,
allowing it to weigh on governance and strategic choices, French
Finance Minister Bruno Le Maire said in an interview with
newspaper Le Parisien before the prospectus was released.
At the estimated sale price, the 52% stake would generate
proceeds of 1.23 billion to 1.73 billion euros for the French
state. The final pricing will be determined on Nov. 21, Le Maire
It would be the country's biggest IPO since that of French glass
bottle maker Verallia <VRLA.PA>, which went public in October at
a market valuation of 3.2 billion euros, with gross proceeds of
888 million euros.
The privatisation of companies such as airports group <ADP.PA>
and FDJ is integral to President Emmanuel Macron's plans to
raise funds for innovation projects and boost the overall
Le Maire said the subscription period will run from Nov. 7-19
for retail investors, with incentives such as a 2% discount on
each share in exchange for a commitment to keep them for at
least 18 months.
(Reporting by Dominique Vidalon, Gwenaelle Barzic and Mathieu
Rosemain; Editing by Leslie Adler and Richard Chang)
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