September 30 - 888 Holdings listed on the London Stock Exchange today.
The owner of
Pacific
Poker and
888.com
online casino saw its shares rise by 4.6% on its first day of institutional
trading. The share launched at 175 p, giving the group a valuation of about $1
billion.
Full public trading will start on Monday. The IPO was at the low end of the
expected price. 888 initially expected a valuation in excess of $1.5 billion.
The launch price of 175p was at the low end of the indicated range. When it
initially unveiled its float plans, 888 indicated it was preparing for a
valuation as high as £800 million. However, the firm received a lower valuation
largely due to to negative sentiments as a result of the huge drop in Party
Gaming's share price.
Ed: It is going to be interesting in the following year to see how the
market reacts to 888. Their business model is very different to that of Party
Poker / Party Gaming. Unfortunately for them I don't think most analysts
actually understand this...
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