However, at that time, the Italian company was still evaluating the market conditions. In January, rumors claimed that the company will be looking to raise at least $1 billion through its initial public offering. Lottomatica’s initial public offering was reportedly approved by shareholders in February, following earlier rumors that the company is set to go public. Gross proceeds from the new shares, the Italian operator hopes, will reach $467 million. The IPO is expected to help Lottomatica reduce its debt.Īccording to the announcement, the IPO will consist of both new and existing shares, although the exact number to be sold is still undetermined. Apollo Global, an American global private equity firm, has confirmed its IPO plans for the Lottomatica division, saying that it plans to have it go public on the Euronext Milan exchange by the end of April.