The lottery Française des Jeux (FDJ) is very popular in France. Recently, the government has decided that the FDJ will enter the stock market. A request to make this possible has been approved. The listing is expected to bring the French treasury about 1.5 billion euros and is part of President Macron’s plan to reduce the public debt.
What is the Française des Jeux?
The Française des Jeux is part of a state lottery that was found in 1933. Back then, it’s main goal was to help wounded veterans of the First World War. FDJ’s turnover last year was about 1.8 billion euros. Among sports enthusiasts, the company is also known as a sponsor of a cycling team.
When will the IPO take place?
The head of the agency that managed the shareholdings of the French state has made a statement. He said that the government is aiming for the IPO on November 21st 2020. On November 6, the range for the issue price to which interested investors can subscribe will be announced.
France wants to reduce its share in FDJ from 72 percent to 20 percent. However, the IPO does depend on market conditions, Stéphane Pallez (top woman of the FDJ) warned.