PartyGaming 削除するs float price

By Andrew Oxlade
Updated: 10:53 BST, 15 June 2005

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PARTYGAMING, the world's biggest online poker company, has pencilled in a float price of £4.8bn for its 株式市場 名簿（に載せる）／表（にあげる）ing, lower than the £5.5bn 初めは 討議するd by City 分析家s.

The flotation, however, will still be the biggest on the London 在庫／株 交流 for almost four years and will 推進する PartyGaming straight into the blue 半導体素子 FTSE 100 株 索引.

'We've gone out into the market and come 支援する with a price that is 現実主義の,' said a 広報担当者. 'We believe it 反映するs the incredible success of the 商売／仕事.'

The company said it will 最初 申し込む／申し出 781.8m 株 to institutional 投資家s 加える an 付加 115.3m 株 if the 申し込む／申し出 is oversubscribed. The indicative 開始 貿易（する）ing 範囲 for the 株 is between 111p and 127p, with a 中央の-price of 119p.

The IPO would leave 私的な 投資家s 持つ／拘留するing £1.05bn of the 在庫／株 with the company's 創立者s, Anurag Dikshit, husband-and-wife team Ruth Parasol and Russ DeLeon and Vikrant Bhargava, keeping most of the 残りの人，物.

PartyGaming made an impressive 利益（をあげる） of $350m from a turnover of $602m in 2004. The company said a 株 price of 119p would give an 暗示するd 産する／生じる of 3.5% for 2005 compared with an 普通の／平均（する） for the leisure 部門 of 2.8%.

The company also 主張するd that the 119p was a 15% 割引 to Sportingbet based on 予測（する） 収入s for 2006.

The 全世界の online poker market has enjoyed みごたえのある growth, fuelled by 宝くじ-style jackpots 申し込む／申し出d 経由で online tournaments. The 産業 was 価値（がある） £318m in 2003, £750m last year and is 推定する／予想するd to be £1.2bn in 2005. 操作者s take a 削減（する） from each マリファナ, known as the rake. So the more poker 手渡すs played, the greater the 利益（をあげる）.

The 産業's success has been 反映するd in the 株 業績／成果 of Sportingbet, which floated on the junior 目的（とする） market at 120p in 2001. The 株 sank to 18p in 2002 but have 決起大会／結集させるd to 279p in the past year.

However, some 分析家s have 警告するd about regulatory 危険s. Online poker's 合法的な status in the US, where PartyGaming's PartyPoker is a major player, is 不明瞭な. Some 法律-製造者s argue it is a game of ski ll and should not be 立法者d like other gaming. But the 司法（官） Department sees it as a game of chance and has stymied 成果／努力s to licence internet poker, arguing it 侵害する／違反するs several 連邦の 法律s, 含むing the 1961 Wire 行為／法令／行動する.

'It seems likely that for 慎重な political 推論する／理由s many US-based 基金 経営者／支配人s and hedge 基金s will reluctantly be unable to support this 問題／発行する,' said David Buik of spread betting 会社／堅い Cantor 索引, which opened grey market 貿易（する）ing on PartyGaming 株 today.

He 追加するd: 'But the mere nature of the size of this IPO with a tag of FTSE 100 資格 will necessitate support from many other multi-国家の 基金 経営者／支配人s. It would also be a surprise if the general public were not very supportive.'

Cantor's grey market 貿易（する）ing began today at 115p to 120p. 貿易（する）ing in PartyGaming 株 is 推定する／予想するd to begin on the London 在庫／株 交流 on 27 June.

? MIDAS: A 見解（をとる） on online gaming 在庫／株s