Privatisation of FDJ to launch in November

Bruno Le Maire, France’s Economic & Finance Minister, has revealed that the initial public offering (IPO) of the French national lottery operator, Francais des Jeux (FDJ), will run between November 7-20.

Le Maire added that the state will not fix a limit for the offering and that retail investors will get one free share for every 10 shares purchased and a 2 per cent discount on the offer price.

The French government will reduce its 72 per cent shareholding in FDJ to 20 per cent, maintaining the position of the largest minority shareholder, while seeking to raise a reported €1 billion for the second-largest lottery operator in Europe. The company will be listed at Paris Euronext exchange.

“We hope that this privatization will be a popular success and that as many people as possible will participate in it,” stated Le Maire.

FDJ increased revenues by 7 per cent to €1.4 billion year-on-year in the first three quarters of 2019. The company said in its financial report that it estimates a positive outlook for both this year and 2020.

Earlier this month, as part of the FDJ privatisation, the French government unveiled the creation of the new regulatory body, L’autorité nationale des jeux (ANJ), which will replace L’autorité nationale de régulation des jeux en ligne (ARJEL). ANJ is expected to be in place on January 1, 2020.

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