Adds Q1 results, banks, background
MILAN, April 13 (Reuters) – Italian gambling group Lottomatica said on Thursday it expected to launch an initial public offering (IPO) by the end of April to float in Milan.
The group, owned by Apollo Global Management APO.N, said the offer would consist of new and existing shares.
The gross proceeds from the new shares will amount to 425 million euros ($467 million) and be used to implement its strategic plan and reduce its leverage, the company said in a statement.
The lacklustre performance of some IPOs combined with the stock market sell-off triggered by the collapse of Silicon Valley Bank has forced several companies to delay their flotation plans.
Lottomatica reported revenue of 421 to 423 million euros in the first quarter, a 15% pro-forma increase including the acquisition of Italian remote gaming and betting collection company Betflag which the group completed in November.
The adjusted core profit rose 15-16% on a pro-forma basis to around 155-156 million euros in the first quarter.
Barclays, Deutsche Bank, Goldman Sachs, J.P. Morgan and UniCredit are acting as joint global coordinators and joint bookrunners.
Apollo Capital Solutions, Banca Akros, BNP Paribas and Mediobanca are acting as joint bookrunners and Equita SIM is acting as co-manager. Credit Suisse is acting as financial adviser.
(Reporting by Elisa Anzolin, editing by Gavin Jones and Jason Neely)
((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))
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