PartyGaming Biggest London Floatation in Five Years
PartyGaming has completed its flotation on the London Stock Exchange
Tuesday 28th June 2005
PartyGaming has completed its flotation on the London Stock Exchange today, as shares rocketed from an Initial Public Offering of 116 pence per share to129p when the markets closed. This makes the Party Gaming flotation the biggest on the London Stock Exchange in five years, and takes its market value to about £5 billion ($9.1 billion US), higher even than British Airways and ICI. The firm is set to join the FTSE index of the top 100 leading companies.
Chief Executive Richard Segal said: 'We are delighted that the IPO has received an excellent response from major UK and international institutional investors. The listing will reinforce the group's position as one of the world's leading online gaming companies and enhance the group's profile as we seek to expand internationally.'
The Gibraltar-based company, which last year recorded profits of £371 million, operates PartyPoker.com, the world’s biggest online poker site, which routinely boasts up 70,000 players at once. The floatation has secured a $1billion windfall for PartyGaming’s founders, husband and wife team Ruth Parasol and Russell de Leon, who now act as the company’s lawyers.