(Adds details on company, valuation, proceeds)
MILAN, April 20 (Reuters) -
Italy's largest gambling group Lottomatica on Thursday said it would seek a valuation of up to 2.67 billion euros ($2.93 billion) in its initial public offering (IPO) by selling shares priced at between 9 and 11 euros each.
The group owned by U.S. fund Apollo Global Management said it would use proceeds of up to 600 million euros from the IPO in part to cut debt.
Lottomatica will be selling both new and existing shares. To issue new shares it will carry out a capital increase worth up to 425 million euros.
The offer period is expected to start on April 24 and end by April 27.
Lottomatica had 1.4 billion euros of revenues in 2022, with 22.8 billion of bets placed both online by over 1 million digital customers and through a franchising network comprising around 18,000 outlets.
Barclays, Deutsche Bank, Goldman Sachs, JP Morgan and UniCredit are acting as joint global coordinators.
They are also joint bookrunners with Apollo Capital Solutions, Banca Akros, BNP Paribas and Mediobanca. Equita SIM is co-manager and Credit Suisse is a financial adviser.
($1 = 0.9119 euros) ($1 = 0.9127 euros) (Reporting by Alessia Pe and Valentina Za, editing by Gianluca Semeraro)
