Poker firm begins trading
Place yer bets on 888
Shares in 888 began trading this morning following the IPO of the online casino. The share price was set at 175p valuing the gambling operation at £590m ($1.04bn).
At one stage in the run up to the float the company was estimated to be worth between £700 and £800m.
However, the enthusiasm for internet gaming took a knock four weeks ago after PartyGaming, which floated for £4.6bn earlier this year, warned that online gambling would not continue its current rapid growth. As a result, its shares tumbles by around a third triggering a loss of investor confidence.
In statement today 888 chief exec John Anderson said: "We have a clear strategy for creating sustainable shareholder value by becoming the market leader in the online gaming industry and continuing to provide our members with a comprehensive range of gaming activities in a secure and trusted environment."
Which is nice. ®