MissEve
01-27-2005, 06:02 PM
Listing on cards for biggest online poker site
By Matthew Garrahan in London
Published: January 26 2005 21:50 | Last updated: January 26 2005 22:09
The world's biggest online poker site is edging towards a market listing, in what could be a further sign of a resurgence in investor interest in internet businesses.
PartyGaming, the online poker and casino operator, on Wednesday appointed Dresdner Kleinwort Wasserstein and Investec to advise it on “strategic options”.
PartyGaming, formerly known as iGlobalMedia, owns Party-Poker.com, and has 5m registered users. It has been sounding out banks in London over a potential flotation that could be worth more than £2.3bn ($4.3bn).
Bankers who have seen the Gibraltar-based group's accounts say that it generated earnings before interest, tax, depreciation and amortisation of more than $350m in 2004.
The group is keen to float in 2005, after witnessing the successful acquisition of Paradise Poker, a rival poker site, by Sportingbet, the UK-listed online betting company. After that deal, Sportingbet shares rose nearly 64 per cent. With online poker booming, bankers say investors are clamouring for a listed vehicle to invest in.
“[PartyGaming] knows there is a window of opportunity here which is why they want to get the float away,” said one.
A successful PartyGaming float is expected to catapult the group into the FTSE 100, creating a business similar in size to William Hill, the quoted bookmaker.
PartyGaming is owned by a small group of investors, including Ruth Parasol, an American lawyer, and Anarag Dikshit, a software specialist from India.
Ms Parasol formely worked in the “adult entertainment” industry, including web sites, but left in 1995 and set up iGlobalMedia in 1997. No single shareholder has a controlling interest.
PartyGaming takes a percentage of “the rake”, the sum wagered by all players on a particular hand. At peak times group's poker operation has 65,000 simultaneous players.
http://news.ft.com/cms/s/c9dfde86-6fce-11d...000e2511c8.html (http://news.ft.com/cms/s/c9dfde86-6fce-11d9-850d-00000e2511c8.html)
By Matthew Garrahan in London
Published: January 26 2005 21:50 | Last updated: January 26 2005 22:09
The world's biggest online poker site is edging towards a market listing, in what could be a further sign of a resurgence in investor interest in internet businesses.
PartyGaming, the online poker and casino operator, on Wednesday appointed Dresdner Kleinwort Wasserstein and Investec to advise it on “strategic options”.
PartyGaming, formerly known as iGlobalMedia, owns Party-Poker.com, and has 5m registered users. It has been sounding out banks in London over a potential flotation that could be worth more than £2.3bn ($4.3bn).
Bankers who have seen the Gibraltar-based group's accounts say that it generated earnings before interest, tax, depreciation and amortisation of more than $350m in 2004.
The group is keen to float in 2005, after witnessing the successful acquisition of Paradise Poker, a rival poker site, by Sportingbet, the UK-listed online betting company. After that deal, Sportingbet shares rose nearly 64 per cent. With online poker booming, bankers say investors are clamouring for a listed vehicle to invest in.
“[PartyGaming] knows there is a window of opportunity here which is why they want to get the float away,” said one.
A successful PartyGaming float is expected to catapult the group into the FTSE 100, creating a business similar in size to William Hill, the quoted bookmaker.
PartyGaming is owned by a small group of investors, including Ruth Parasol, an American lawyer, and Anarag Dikshit, a software specialist from India.
Ms Parasol formely worked in the “adult entertainment” industry, including web sites, but left in 1995 and set up iGlobalMedia in 1997. No single shareholder has a controlling interest.
PartyGaming takes a percentage of “the rake”, the sum wagered by all players on a particular hand. At peak times group's poker operation has 65,000 simultaneous players.
http://news.ft.com/cms/s/c9dfde86-6fce-11d...000e2511c8.html (http://news.ft.com/cms/s/c9dfde86-6fce-11d9-850d-00000e2511c8.html)