(Reuters) - Demand for the initial public offering (IPO) of French national lottery operator Francaise des Jeux (FDJ) is strong towards the top of the price range, the IPO’s book runner said on Friday.
The book runner said the IPO was oversubscribed in a range of 18.50 euros and 19.90 euros. The initial price guidance for the IPO was 16.50-19.90 euros
The government began the IPO process a week ago, looking to sell down its majority stake in FDJ in France’s biggest wave of privatizations in more than a decade.
The share sale should raise up to 1.7 billion euros ($1.9 billion) for the state and about a third of it has been earmarked for retail investors.
Writing by Benoit Van Overstraeten; Editing by Dominique Vidalon and Mark Potter