November 6, 2019 / 8:32 PM / 5 days ago

French lottery group's IPO priced in range of 16.50-19.90 euros -Le Maire

PARIS, Nov 6 (Reuters) - The price range for the initial public offering of state-controlled lottery operator Francaise des Jeux (FDJ) will be set between 16.50 euros and 19.90 euros per share, French Finance Minister Bruno Le Maire said in a newspaper interview.

The State, which currently owns 72% of FDJ, will retain a 20% stake, allowing it to weigh on governance and strategic choices, Le Maire told Le Parisien.

“We will this sell 52%. On that sale, we are prepared to reserve a third to individual investors, which is a very significant stake,” Le Maire said.

France is testing the ground for a series of state sell-offs outlined by President Emmanuel Macron, with the FDJ flotation set to kick off in earnest on Thursday as the period for investors to place their orders begins. (Reporting by Dominique Vidalon Editing by Leslie Adler)

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