Cas - Française des jeux (FDJ): Initial public offering

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Française des jeux (FDJ): Initial public offering

Référence :

KEDGE-FI-013(GB)

Langue

Type

Etude de cas

Catégorie

Finances

Collection

KEDGE Business School

Campus

KEDGE Business School, IUT AIX EN PROVENCE - DEPARTEMENT TC

Auteur(s)

DUCASSY Isabelle, CROUZET Anne-Marie

Résumé

In November 2019, the State launched the privatisation of la Française des jeux, the incumbent operator of the Loto in France. The privatisation took place in a particular context for a particular company. FDJ holds a monopoly and belongs to a sensitive sector. Therefore, a number of decisions had to be taken before FDJ could be privatised. FDJ was floated at the top of the range: it was a huge success.

Objectifs pédagogiques

This is not an IPO like any other but the privatisation of a company in a monopoly situation. Another specificity is that the State chose not to increase its capital at the time of the IPO but to sell only some of its shares. The particular situation of the company also raises specific questions around responsible gambling and addiction, and fraud, in a macroeconomic context marked by uncertainties.