Betfair has set the price for its upcoming share flotation, following a meeting yesterday where the move was approved by existing shareholders.

The betting exchange expects its shares to sell for between £11 and £14 - valuing the total shares on offer at between £1.16bn and £1.48bn.

The company said shares would only be available to certain institutional investors. It is backed by 14 large investors that hold 75 per cent of stock.

Betfair expects sales from half of these, along with board members and other executives representing at least 10 per cent of the company.

Other shareholders wishing to sell their stakes have until noon 15 October to get their requests in.

Goldman Sachs and Morgan Stanley are joint bookrunners for the IPO. ®

Related stories

• Betfair promises problems are behind it (11 March 2011)
• Betfair backs Gibraltar (8 March 2011)
• Interview How I went from punting PCs to betting a quarter billion on Betfair (6 December 2010)
• Betfair set fair for float (21 September 2010)
• Billionaire's betting exchange backs Android (30 June 2010)
• How to follow the World Cup from your desk (15 June 2010)
• Lucky Lib Dem punter could clear £800k on Clegg victory (21 April 2010)
• Betfair catches whiff of tennis match fix (5 October 2007)