Mubasher: The initial public offering (IPO) of Francaise des Jeux (FDJ), French lottery operator, raised about EUR 1.89 billion euros ($2.1 billion), Bloomberg reports.

This makes it France’s largest IPO since Electricite de France (EDF) listed on Euronext Paris in 2005.

In the privatization of the state-run lottery company, the French government sold a 52% stake.

Investors bid for stocks worth EUR 11.6 billion, which shows the offering was a spectacular success, Finance Minister Bruno Le Maire tweeted on Thursday.

High demand from investors allowed the government to sell to institutional investors at a share price of EUR 19.9, while individuals are paying EUR 19.5 per share.

Francaise des Jeux aims to pay 80% of its profits in dividends in 2020, CEO Stephane Pallez recently stated.

BNP Paribas, Citigroup, Goldman Sachs and Societe Generale are the global coordinators of the IPO, while Credit Agricole, HSBC, and Natixis are the book runners, with CIC as a co-lead manager.

The IPO is part of efforts by President Emmanuel Macron to modernize the French economy, and it is reflecting investors’ appetite in France’s market, especially with the Brexit expected to affect London’s position as a financial centre.