PartyGaming wins jackpot of £5 billion

PartyGaming shares swelled yesterday after the company achieved the biggest London flotation in five years. Its market value is now about £5 billion ($9.1-billion U.S.).

Initially, PartyGaming priced its shares at £1.16 each, giving a market value of £4.6-billion and guaranteeing a place in the FT-SE 100-stock index of blue-chip British companies. Amazingly, the stock traded at heights of £1.325 and trading closed 11 per cent higher at £1.29.

Chief executive officer Richard Segal said the group would target Europe and Australia as its main areas for growth, with Asia a 'medium-plus-term' target.

'The reason why we're poker focused is that the group has had extraordinary success a result of that, our other products, casino and bingo, have been to a degree neglected,' he said. - 2005-06-30 11:52:10

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