Lottomatica, the Italian gambling company backed by Apollo Global Management, is preparing to take investor orders for an initial public offering (IPO) that could generate between 600 and 700 million euros, according to people familiar with the situation . The company expects to receive approval from Consob, the regulator of the Italian market, in the coming days and aims to be listed on the Milan stock exchange by the end of the month, with a possible market capitalization of up to 3 billion euros.
Last week, Lottomatica said it would raise 425 million euros through the issuance of new shares. The sale of shares by current shareholders will cover the remainder of the final offer amount. Barclays, Deutsche Bank, Goldman Sachs, JPMorgan and UniCredit are working on the dossier in the role of global coordinator.