The world\’s biggest online poker company will sell shares at between 111 pence and 127 pence, netting up to 1.1 billion pounds for its founders and over 30 million pounds for the advisors.
A pricing at the mid-point of the price range would give the company a market capitalization of £4.75 billion, reflecting a discount from the earlier estimation due to uncertainty about the legality of internet gambling in the United States, where 80 per cent of the company\’s players are based.
Dresdner Kleinwort Wasserstein, the investment bank leading the float, is said to have talked to 200 institutions and potential investors before setting the price range.
City sources believe that PartyGaming and its bankers are content that they will find sufficient demand from the institutional fund management community. If the individual investors want to buy the shares, let them buy up in the after-market, they said.
Unconditional dealing is expected to begin on June 30.
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