PartyGaming surges after big UK float
Pete Harrison writes for Reuters:
Shares in online casino group PartyGaming surged on Monday after it completed the biggest London flotation in five years, taking its market value to about 5 billion pounds ($9.1 billion).
The over-subscribed offer values PartyGaming higher than many British household names such as British Airways and chemicals group ICI, and is the country's biggest flotation since Dimension Data floated for 6 billion pounds in July 2000, according to the stock exchange.
PartyGaming priced its initial public offering at 116 pence per share, giving a market value of 4.6 billion pounds and guaranteeing a place in the FTSE-100 index of blue-chip UK companies.
The stock traded as high as 132-1/2p before closing 11 percent higher at 129p.
Existing shareholders sold a 20.6 percent stake in the offering, which raised no money for the company itself.
posted by Fergie @ 6/27/2005 09:13:00 AM
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