International edition
September 25, 2020

Despite the current situation of the market

Spanish government discards to postpone LAE Initial Public Offering

(Spain).- The government discards to postpone State Lotteries and Bets (LAE) IPO, planned for the second fortnight of October, despite the market disorders, considering that it is a “shelter of stability”, and that it is a company which is “disconnected from the ups and downs of the current situation and the specific circumstances of the market share”, informed sources of the Ministry of Economy.

L

oterías offer minimum profitability that “is compared very favorably” with the one offered by the deposits of the financial entities, affirmed sources of the Ministry, remembering that it is a company with benefits since 250 years that has maintained its incomes during the crisis. The only decrease of its business has been inferior to 1%”.

It is planned that, at the end of September or beginning of October, it will start the placement process among institutional investors to fix the price of the IPO.

The equity value of the society is of 21,000 million, although some assets have not been included in the value. It will be the biggest privatization in the Spanish history, which could bring incomes of around 7 and 8 billion euros to the state. 

This partial privatization, the second largest carried out in Spain, will count with a minority tranche of 60% and will bring on the seventh or eighth quoted by Ibex per capitalization.

Managing entities of the minority tranche are Citibank, Deutsche Bank and Morgan Stanley, while Bankia and CaixaBank will be in charge of the phase of the minority tranche.

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