June 16 - FireOne,
who owns the online gambling payment processor, FirePay, saw its value rise by
GBP30m (US$54m) after listing on the London Stock Exchange (LSE) last week.
The group was
floated on the AIM (Alternative Investments Market) for at a market cap of
GBP120 million.
GBP24.1m was raised in cash. The parent company, Optimal Group, has retained 80%
of the share capital in issue.
The listing was done to raise the Firepay brand's profile in Europe. It was no
intended to raise cash as the group reports to have adequate cash reserves.
"Our listing on AIM, alongside some other high profile gaming groups, was
the next logical move in our growth," said the Chairman of FireOne, Mitch Garber.
Over 300 online gambling operators currently make use of the Firepay system. The
company had a pre tax profit of US$14.8m based on revenues of US$43m for the 2004
financial year.
The main competitor of Firepay is Neteller, with a market cap of $1.2 billion.
FireOne will hope to be as successful as Neteller on the exchange. Neteller has seen its share rise to
as high as 777 p from its listing price of
179p.
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