French Lottery IPO Scheduled for November, Le Maire Says

(Bloomberg) -- The initial share sale of Francaise des Jeux, France’s state lottery, will take place next month, with investors able to subscribe to the offering from Nov. 7-20, French Finance Minister Bruno Le Maire said in an interview with Journal du Dimanche.

Retail investors will get one free share for every 10 shares purchased as well as a 2% discount on the offer price, the report said. The French state’s stake will drop to 20%, from 72% now.

“I hope that this privatization is a popular success with the widest participation possible,” Le Maire told the newspaper, adding that the move will “allow the company to develop and reach its full potential.”

In preparation for the sale, the government created an independent regulatory body to oversee the industry with a remit to combat gambling addiction, especially among young people, and money laundering, Le Maire said.

Asked whether the goal of 1 billion euros ($1.1 billion) in gains from the sale was attainable, he said he didn’t want to “put a limit on our ambition.” The funds raised will go to reduce France’s debt and to an innovation fund created by President Emmanuel Macron that’s aimed at financing technologies that will create the economic growth and employment of the future, he said.

Le Maire said that no additional privatizations were planned other than those already approved by Parliament. No decision will be taken on the Aeroports de Paris sale until the end of the consultation currently taking place, he said.

To contact the reporter on this story: Melissa Pozsgay in Paris at mpozsgay@bloomberg.net

To contact the editors responsible for this story: Geraldine Amiel at gamiel@bloomberg.net, James Ludden, Tony Czuczka

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