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Everything Poker Online News

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Friday, June 03, 2005

Party Poker Set For IPO at FTSE 100

PartyGaming, the world's largest online gaming company and operator of Party Poker online room, has announced Friday its intent to float an Initial Public Offering of some of its shares at the London Stock Exchange.

The float will be the largest the exchange has seen in nearly four years

The world’s biggest web-based poker firm said it plans to list 23% of its shares on the FTSE 100 through an offer to institutional shareholders to be completed by the end of this month. Reports have put the potential flotation value of the whole firm at up to $10bn (€8.2bn).

PartyGaming, whose PartyPoker.com online poker gaming room was set up in 2001 and has more than one million users, said the offer would allow it to capitalise on growth in online gaming.

Market sources said that PartyGaming plans to price its offer by June 27, and the company will not create any new shares, simply float some of the shares already held by existing shareholders.

PartyGaming said its revenues for the first quarter of 2005 were $222 million, which is up 93 percent from the same period in 2004. Also, the operating profit was $128 million, up 81% from the same period a year earlier. Poker accounted for 92 percent of group revenue last year, with the remainder coming from casino and bingo sites such as Starluck Casino.

The IPO roadshow will not visit the United States.

PartyGaming has more than 1,000 staff including 126 people at its head office in Gibraltar, 57 marketing staff in the UK and 925 customer support and software development workers in India.

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