November 8, 2019 / 3:18 PM / 12 days ago

France's FDJ draws institutional investors

PARIS, Nov 8 (Reuters) - Institutional investors had placed enough share orders in the listing of French national lottery operator Francaise des Jeux (FDJ) to fully cover their alloted section, a spokeswoman for state holding company APE said on Friday.

The government began the flotation process on Thursday, as it looks to sell down its majority stake in FDJ in France’s biggest wave of privatisations in more than a decade.

The institutional portion of the initial public offering was fully covered in the first few hours, the APE spokeswoman said.

The share sale will raise up to 1.7 billion euros ($1.87 billion) for the state and about a third of it has been earmarked for retail investors.

So far, individual shareholders have placed orders for a total of 200 million euros, or about a third of their alloted portion, the APE said. ($1 = 0.9074 euros) (Reporting by Gwenaelle Barzic, writing by Sarah White; editing by Jason Neely)

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