off-the-wire

Italy's Lottomatica aims to launch IPO as soon as April - sources

Kitco Media
By Reuters
Published:
Updated:
Reuters
MILAN, Feb 17 (Reuters) - Italian gambling company Lottomatica aims to raise fresh money with an initial public offering (IPO) in Milan which could take place as early as April, two sources close to the matter said on Friday. Earlier this month Italy's EuroGroup Laminations and German web-hosting firm IONOS managed to go public, after deals dried up last year on dimming economic prospects due to rising inflation and the war in Ukraine.


EuroGroup and IONOS shares are now trading respectively flat and down over 10% compared to their IPO price.


Lottomatica, owned by Apollo Global Management , is aiming to offer new and existing shares, the sources said. The company will use the additional resources to shore up its finances, allowing it to grow further through acquisitions, one of the sources added. The company offers gambling on sports and other events both online and in retail outlets, as well as operating a network of gaming machines in premises across Italy. In January Lottomatica said that it was considering a potential public listing among strategic options to support growth. At that point sources told Reuters that an IPO could take place in the second quarter of 2023. (Reporting by Elisa Anzolin Editing by Keith Weir)

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