Italian gambling firm Lottomatica is expected to price shares for its initial public offering (IPO) at 9 euros, at the bottom of its target range, according to a bookrunner message on Thursday.

At this price, the company would debut on the Milan Stock Exchange with a market cap of 2.265 billion euros ($2.49 billion).

Lottomatica, which is expected to start trading on May 3, had set an initial target price of 9-11 euros per share.

Bookrunners, in a message to investors, added that books are multiple times oversubscribed at 9 euros and over.