“FDJ’s IPO is a popular success”

The initial public offering (IPO) of the French company Francaise des Jeux (FDJ) has drawn subscription from retail investors.

France.- Finance Minister Bruno Le Maire revealed on Saturday that the initial public offering (IPO) of the French operator Francaise des Jeux (FDJ) has drawn subscriptions from retail investors worth €1 billion. The minister told BFM that the IPO is “a popular success.”

The sale of the majority stake in FDJ kicked off last Thursday and will end on Wednesday. The government expects to raise up to €1.7 billion from the sale of 52% of the company and will retain 20%. Le Maire said earlier this month that they will reserve a third to individual investors.

The price of the IPO of the state-controlled operator has been set between €16.50 and €19.90 per share. 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.

Moreover, the finance minister said that a final price for the sale will be set this week, ahead of the trading that will start on Thursday, November 21.

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 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.