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888.com Market Debut Tepid

29 Sep 2005

LONDON – As reported by Reuters: "Internet casino 888 made a tepid market debut on Thursday after it priced its shares at the lower end of a range and as investors turned their focus on takeover targets in the sector.

"888 priced its initial public offering at 175 pence a share -- from a range of 162p to 212p -- amid concerns about slowing Internet gaming growth after a warning this month from online poker group PartyGaming.

"By 11.15 a.m. the stock was nearly 2 percent below the IPO price at 172p, giving the company a market value of around 580 million pounds. The shares had jumped around 5 percent in opening trade.

"…Analysts said that with 888 unlikely to be a takeover target in the near term, focus had moved to stocks that could attract predators.

"…The company is over 90-percent controlled by two Israeli families and run by Gibraltar-based Cassava, which also operates fellow online casinos Pacific Poker and Reef Club Casino…"

 
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