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

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PARIS (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.

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