Italian gambling firm Lottomatica said it has priced its shares in its initial public offering (IPO) at €9 ($9.93); which is the bottom of ku6678 its target range. At this price, the company would debut on the Milan Stock Exchange on 3 May with a market cap of €2.27bn.The gambling provider offers wagers on sports and other events both online and in-store across Italy. Despite its ambitions, it has fallen short on its IPO. Lottomatica said it is aiming to deliver a mid-point core profit of €560m this year.Lottomatica’s 2022 financial report saw revenue growth push the business into profitability during its first full year of trading since the company’s acquisition. During the period, Lottomatica reported a net profit of €79.3mLottomatica is owned by private equity firm Apollo Global Management. The free float will be equal to 26.5% of the share capital, but it could rise to 30.5%.Lottomatica expected to start trading on 3 May and had set an initial target price of €9 to €11 per share.Lottomatica’s IPO – which ran from 24 to 27 April – aimed to raise €600m consisting of €425m ku6678 of newly issued stock and €175m of shares to be sold by existing investor Gamma Topco.Gamma granted investment firm Goldman Sachs an option to ku6678 purchase nearly 20 million additional shares, to be exercised during a period of up to 30 days after the shares start trading on the Euronext Milan exchange. This amounts to around 15% of the total number of shares on offer.