The government launched the IPO process on November 7, looking to sell down its majority stake in FDJ in France's biggest wave of privatizations in more than a decade.

(SOUNDBITE) (French) FRENCH FINANCE MINISTER, BRUNO LE MAIRE, SAYING:

"I think that French people who have invested in Francaise des Jeux know very well what they're getting themselves into. They're getting themselves into the success of a company which is solid, which has shown its capacity to adapt in recent years and I think this is a good investment."

Shares were up over 16%, relative to the offer price for the roughly 500,000 retail buyers who placed orders, outperforming the French stock market.

President Emmanuel Macron's government wants to sell government shareholdings in certain companies

to raise money to boost the overall economy.

The flotation is one of the biggest in Europe this year, and comes after several others were cancelled or postponed

due to investor jitters over Britain's exit from the EU and a simmering U.S.-Chinese trade war.

The FDJ privatisation will generate 2 billion euros for state coffers, when including a 380 million euro payment FDJ owes the state

to retain its monopoly rights for its lottery and sports betting business.