888 Drop Valuation of Initial IPO
Edited reviewed in-house124 wordsby the EasyPlay.Vegas desk
The IPO of Cassava which was mooted for the 1st September has been put back due to the recent interim results released by PartyGaming. 888.com / Cassava Enterprises on Thursday dropped the price range for its initial public offering set for the end of this month, after its rival PartyGaming last week warned about a slowdown in the growth of online poker.
21+ No operator we name holds a licence from a state regulator, and what you are allowed to play is settled by the state you sit in, not by us. This desk books no wagers, holds no balances and deals no cards — every button hands you over to the operator, and the terms you agree to there are the operator’s own. Conditions ride on every offer. Who pays this site, and for what.
888 Drop Valuation of Initial IPO – September 15th, 2005
888.com, which is based in Gibraltar and operates the world’s largest online casino by number of visitors, said its owners would sell about 25 percent of their shares and set a price range of 162-212p per share.
The new price range values the group at £546.1m to £714.6m ($1.0bn-$1.3bn). At the mid-point of the range, 888 would have a market capitalisation of £630.4m when trading begins on the London Stock Exchange at the end of this month.
The other Gibraltar based Casino also planning on floating on the London Stock Exchange – 32Red operated by Trafalgar Betting & Gaming are still going ahead as planned with their own £100 million IPO later this month.