Ongame plans to list on the London Stock Exchange

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As reported by eGaming Review, the owner of the world\’s third-largest poker site confirmed its plan to list on the London\’s AIM in 2006.

Sweden-based Ongame, which owns in addition to running the rapidly growing poker software provider PokerNetwork, posted an operating profit of $18.25m for the year ended December 2004, from revenues of $55m.

“We are going to go to the stock market, but it takes time to do it right and how it looks now we will be doing it next year,” said Patrik Selin, Chief Executive of Ongame.

Selin declined to place a valuation on the firm, which has grown a further 60% in the firs half of the year.

“The market has changed so fast in six months that if we wait another six months the valuation will be completely different,” he said.