Dealing in poker firm begins today
Poker firm PartyGaming is set to make the London stock market’s biggest debut for four years when it floats today.
The company, which owns online brand PartyPoker, is expected to be valued at £4.7bn (€7.06bn) when conditional dealings kick off.
Traders are expected to have placed orders for nearly three times the number of shares available as the City cashes in on the booming popularity of internet poker.
A valuation within its indicative price range of 111p to 127p a share will propel PartyGaming straight into the FTSE 100 Index.
The flotation will give 1,000 staff in the UK, Gibraltar and India a 5.6% stake in the group as well as bringing huge windfalls for its four owners.
The group’s PartyPoker.com online poker gaming room has attracted more than one million users since it was set up in 2001.
Customers pay a type of commission known as rake to play against each other on individual tables of up to 10 players or in tournaments.
Shares in PartyGaming have not been offered to institutions in the United States, where online gaming is illegal, because of the strength of demand in the UK and Europe.
