The finance minister of France has revealed that the initial public offering (IPO) of Fran\u00e7aise des Jeux (FDJ) will run from November 7-20.<\/p>\n
France.- The privatisation of\u00a0Fran\u00e7aise des Jeux<\/strong><\/em>\u00a0(FDJ), leading operator in Europe, in being anticipated as one of the year\u2019s main highlights. The finance minister revealed that the subscription period for FDJ\u2019s initial public offering (IPO) will run from November 7-20.<\/p>\n Bruno Le Maire, France\u2019s finance minister, said in an interview on Saturday with JDD that French people and investors will have the chance to subscribe to FDJ shares between November 7-20. He added that the state won\u2019t fix a limit for the offering, and that retail investors will get one free share for every 10 shares purchased and a 2% discount on the offer price.<\/p>\n The French state currently holds 72% of FDJ, but after the\u00a0privatisation<\/strong><\/em>,<\/strong>\u00a0it will only have 20% of the company. Government spokeswoman Sibeth Ndiaye said that the ordinance ends the FDJ monopoly to replace it with a limited-term right, set at 25 years and renewable.<\/p>\n \u201cI hope that this privatisation popularly succeeds with the widest participation possible,\u201d Le Maire said. The minister added that the privatisation will allow the company to develop and reach its full potential.<\/p>\n Le Maire talked about the \u20ac1 billion goal from the sale and whether it was possible. While the minister said that he doesn\u2019t want to put a limit on their ambition, that figure has circulated for quite some time and it is expected that the sale will bring that much money to the state government.<\/p>\n As part of the privatisation,\u00a0the French government unveiled<\/em><\/strong>\u00a0the creation of the L\u2019autorit\u00e9 nationale des jeux (ANJ), which will replace L\u2019autorit\u00e9 nationale de r\u00e9gulation des jeux en ligne (ARJEL).<\/p>\n 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.<\/p>\n FDJ increased revenues by 7% to \u20ac1.4 billion year-on-year\u00a0in the first three quarters<\/em><\/strong>. The growth comes after an increase in stakes across all of its segments months before FDJ\u2019s IPO. Lottery is still the highest-grossing vertical for FDJ, reporting a 6% rise in stakes to \u20ac10 billion. Euromillions and Loto accounted for 20% of FDJ\u2019s total stakes in the first nine months of the year.<\/p>\n Moreover, sports betting stakes rose 14% to \u20ac2.6 billion. Once again, tennis, football and basketball were the sports that generated the biggest revenue during that nine-month period. Another vertical that continues to register impressive results is the online segment, reporting a 38% stakes increase to \u20ac2.4 billion. FDJ said that it has also contributed with \u20ac2.6 billion in taxes in 2019, an 8% rise from 2018.<\/p>\n FDJ said in its financial report that it estimates a positive outlook for both this year and 2020. Player stakes are likely to increase by 7% by the end of the year. Adjusted revenue would be around \u20ac2 billion. Furthermore, lottery will remain the biggest revenue generator for FDJ and post \u20ac1.5 billion. Sports betting is likely to generate \u20ac370 million.<\/p>\n