The price range for FDJ’s IPO has been set between €16.50 and €19.90 per share, the Finance Minister revealed.

France.- The initial public offering (IPO) of Française des Jeux (FDJ) is just a few days away, and France’s Finance Minister Bruno Le Maire announced the price range. The state currently owns 72% of FDJ and will retain a 20% stake after the sale.

The price of the IPO of the state-controlled operator will be set between €16.50 and €19.90 per share. The subscription period for FDJ’s IPO starts today and ends on November 20.

In an interview with Le Parisien, Le Maire said that retaining that 20% stake will allow the state to weigh on governance and strategic choices. “We will this sell 52%. On that sale, we are ready to reserve a third to individual investors, [it is] a very significant stake,” Le Maire said.

Government spokeswoman Sibeth Ndiaye recently said that the ordinance ends the FDJ monopoly to replace it with a limited-term right, set at 25 years and renewable.

France announced new regulatory authority

As part of the privatisation, the French government unveiled the creation of the L’autorité nationale des jeux (ANJ), which will replace L’autorité nationale de régulation des jeux en ligne (ARJEL).

The Minister of Action and Public Accounts, Gerald Darmanin, announced said that ANJ will be in place on January 1. The Council of Ministers created the order and specified the terms of the privatisation of FDJ. The authority will be in charge of all gambling activity except casinos in France.

FDJ increased revenues in the first three quarters

FDJ increased revenues by 7% to €1.4 billion year-on-year in the first three quarters. The growth comes after an increase in stakes across all of its segments months before FDJ’s IPO. Lottery is still the highest-grossing vertical for FDJ, reporting a 6% rise in stakes to €10 billion. Euromillions and Loto accounted for 20% of FDJ’s total stakes in the first nine months of the year. Moreover, sports betting stakes rose 14% to €2.6 billion.

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