Sociedad Estatal Loterias & Apuestas del Estado is seeking to conduct an initial public offering, Bloomberg reports. Spain may offer as much as 30 percent of Loterias to raise nearly €7 billion. The Spanish national lottery operator is offering more than 80 percent of its profit in dividends to investors. The proceeds will be used to shrink borrowing needs as the government reins in the euro region’s biggest budget deficit after Greece and Ireland. Loterias will list on exchanges in Madrid, Barcelona, Bilbao and Valencia. The 30 percent stake consists of a so-called overallotment option. Lead managers for the offering include Goldman Sachs Group, JPMorgan Chase & Co., UBS and Credit Suisse Group.

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