Three weeks after the world’s largest online casino operator, 888 Holding plc, controlled by the Shaked brothers and Ben-Yitzhak brothers, announced plans for an IPO on the London Stock Exchange, the company held its IPO at ₤1.75 per share, reflecting a market cap of ₤590 million ($1.04 billion).
Trading in the share is scheduled to begin on Tuesday, under the ticker “888”.
888 had previously said it would hold the issue at ₤1.62-2.12 per share, reflecting a company value of ₤1-1.3 billion (mid-range value of $1.15 billion).
Avi and Aharon Shaked’s stakes in 888 were diluted to 25.6% each after the issue, and the stakes of Shai and Ron Ben-Yitzhak were diluted to 17.1% each.
HSBC Bank plc is acting as sole bookrunner, global coordinator and sponsor in relation to the IPO. Bridgewell Securities Ltd., Numis Securities Ltd. and Panmure Gordon (UK) Ltd. are acting as co-lead managers. Numis earlier handled the IPO of Empire Online Ltd. (AIM: EOL).
Commenting on today's announcement, 888 CEO John Anderson said, "We are delighted that 888's IPO has attracted such strong support among leading UK and European institutional investors. 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."
Published by Globes [online], Israel business news - www.globes.co.il - on September 29, 2005