Lottomatica shares tumble on Milan debut

Shares in Apollo-backed gambling group Lottomatica, Italy’s biggest initial public offering in more than a year, tumbled on its first day of trading.

They dropped 8 per cent to €8.28 in morning trade in Milan after pricing at the bottom of the range at €9 a share, valuing the company at €2.26bn, well below analyst expectations of €4.5bn-€5bn earlier in the year.