888 sees market value of up to 714.6 mln pounds
| 15 September 2005 |    |
Online casino operator 888 set a price range of 162-212 pence per share on Thursday for its flotation, implying stock market value of no more than 714.6 million pounds for the business.Initial expectations for 888's listing on the London stock exchange were for a value of over 700 million pounds.
At the mid-point of the range, 888 would have a market capitalisation of 630.4 million when conditional dealings begin on the London Stock Exchange in late September, the company said.
Sentiment towards the sector was hit by internet poker group PartyGaming's (PRTY.L: Quote, Profile, Research) warning last week of slow growth.
888 is over 90 percent controlled by two Israeli families and run by Gibraltar-based Cassava, which also operates fellow online casinos Pacific Poker and Reef Club Casino.
Investment bank HSBC has been appointed as sole bookrunner, global co-ordinator and sponsor for the 888 float while Bridgewell, Panmure and Numis are co-lead managers.
Article By: Reuters
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