PartyGaming floats at £4.64bn

Joins big boys table

By Tim Richardson • Get more from this author

Posted in Financial News, 27th June 2005 10:47 GMT

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Online gambling outfit PartyGaming is set to join the list of the UK's 100 leading companies following its successful float on the London Stock Exchange.

The offer price was set at 116p valuing the company at £4.64bn - making it bigger than British Airways and electrical retail outfit Dixons.

In early trading this morning PartyGaming shares jumped still further settling at 123p at the time of writing.

Said chief exec Richard Segal: "We are delighted that the IPO (Initial Public Offering) has received an excellent response from major UK and international institutional investors.

"The listing will reinforce the group's position as one of the world's leading online gaming companies and enhance the group's profile as we seek to expand internationally."

Despite the success, there are still some concerns about the future of the company against the restrictions of US gambling laws.

Founded in 1997, PartyGaming Plc operates under three main brands - PartyPoker.com, StarluckCasino.com Online and PartyBingo.com. Based in Gibraltar, the company has offices in India and the UK. ®