Trafalgar Gaming, the owners of the 32red casino site, will begin marketing for its US$160m IPO on the London Stock Exchange's AIM in the next week.
Gibraltar-based Trafalgar is expected to begin its road show in London with the aim of raising around US$45m in new money from institutional investors.
The firm is planning to list on the AIM market later next month.
Ed Ware, chief executive of Trafalgar, said the IPO was not designed to line the pockets of founder investors.
“We are raising the money to develop the business, and not to reward shareholders.”
“We can wait for the next three years to develop out business organically, but we believe this is the best way of accelerating our growth,” Ware said.
Trafalgar will be competing for institutional attention with rival casino firm Cassava Enterprises, the owner of 888.com, which is also believed to be preparing to float.
But the two firms are substantially different in outlook, with 32red deriving over 80% of its business from the UK.
And Ware said any money raised would mostly be used to extend the firm’s offline marketing in the UK.
“Acquiring firms will be on the agenda, but the main destination for our funds is developing the brand and expanding our profile.”
“We will also invest in maintaining our standards of customer service.”
source : egr magazine
