The rush on the actions of the Francaise des Jeux is growing


The rush on the actions of the Francaise des Jeux

    (FDJ), whose IPO should be effective November 21 with the beginning of its listing, is confirmed despite the extended weekend of November 11. The subscription of individuals, possible these last three days via Internet, continued to grow, knowing that the share reserved for institutional investors, the global investment, was already oversubscribed from Thursday, November 7, the same day of the
launch of the subscription period.

Attractive conditions

According to the latest score provided by the Ministry of the Economy and Finance, the share reserved for individuals, ie the open public offer (OPO), has already been subscribed for a value of 500 million euros, an amount to compare to the theoretical goal of 600 million. The subscription period ending November 19 for the general public and employees, Bercy reassures individuals, indicating that "everyone will be served."

Individuals are entitled to attractive terms with, first, a discount of 2% compared to the share price proposed to institutional shareholders, ie, at this stage, a "range" of 16.17 to 19.50 euros, to be compared to 16.50-19.90 euros for "zinzins". The Minister of the Economy, Bruno Le Maire, who wants to publicize the FDJ an operation to revive the popular shareholding, also decided to grant a supplementary action, under certain conditions, for ten shares purchased and held for 18 months.


The trend of the first day is also confirmed by institutional investors. While the global investment is "very largely" oversubscribed, Bercy highlights the demand for long-term French investors, as well as the appetite of international players. The subscription period for international investors will end on November 20 at noon, the OPO being closed the day before. The price of the action will be fixed on November 20th, by decree of the Minister of the Economy and Finances after opinion of the Commission of the participations and the transfers. The listing of FDJ shares will begin on November 21st. Given the success of the global placement, the share price proposed to institutional investors could be at the top of the range.

Given the discount offered to individual shareholders, the maximum proceeds from the sale of FDJ shares of the State, which reduces its stake from 72% to about 22% (its share would be reduced to 20% with the dilution inherent in the allocation of bonus shares), amounted to € 1.7 billion. In addition, the company must pay him, before 30 June 2020, 380 million euros in return for his exclusive rights – lottery games, sports betting in physical outlets – his monopoly, for a period of 25 years . Overall, the state is likely to garner about 2 billion through the privatization of the public operator of gambling.

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