PARTYPOKER may get IPO

Partypoker


The world's biggest online poker site is edging towards a market listing, in what could be a further sign of a resurgence in investor interest in internet businesses.<!--startclickprintexclude-->
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<!--endclickprintexclude-->PartyGaming, the online poker and casino operator, on Wednesday appointed Dresdner Kleinwort Wasserstein and Investec to advise it on “strategic options”.

PartyGaming, formerly known as iGlobalMedia, owns Party-Poker.com, and has 5m registered users. It has been sounding out banks in London over a potential flotation that could be worth more than £2.3bn ($4.3bn).

Bankers who have seen the Gibraltar-based group's accounts say that it generated earnings before interest, tax, depreciation and amortisation of more than $350m in 2004.

The group is keen to float in 2005, after witnessing the successful acquisition of Paradise Poker, a rival poker site, by Sportingbet, the UK-listed online betting company. After that deal, Sportingbet shares rose nearly 64 per cent. With online poker booming, bankers say investors are clamouring for a listed vehicle to invest in.

“[PartyGaming] knows there is a window of opportunity here which is why they want to get the float away,” said one.

A successful PartyGaming float is expected to catapult the group into the FTSE 100, creating a business similar in size to William Hill, the quoted bookmaker.

PartyGaming is owned by a small group of investors, including Ruth Parasol, an American lawyer, and Anarag Dikshit, a software specialist from India.

Ms Parasol formely worked in the “adult entertainment” industry, including web sites, but left in 1995 and set up iGlobalMedia in 1997. No single shareholder has a controlling interest.

PartyGaming takes a percentage of “the rake”, the sum wagered by all players on a particular hand. At peak times group's poker operation has 65,000 simultaneous players.

Fishhead said:

...Anarag Dikshit, a software specialist from India. ...

Click to expand...

How anyone can live with a name like that is beyond me.:movingeye

PartyGaming is owned by a small group of investors, including Ruth Parasol, an American lawyer, and Anarag Dikshit, a software specialist from India.


Would like to see Ms. Parasol and Mr. Dikshit do a sitdown with JMAN.

the more gaming gets into the spot light especially with the big money talk the more politicians will turn their attention to bringing it down. i really hate seeing reports like this.

Darryl Parsons said:

How anyone can live with a name like that is beyond me.:movingeye

Click to expand...

I agree Darryl but I guess he is richer beyond anyone comprehenion so that might soften living with the name

RobFunk said:

the more gaming gets into the spot light especially with the big money talk the more politicians will turn their attention to bringing it down. i really hate seeing reports like this.

Click to expand...

I feel just the oppostite.

I wonder if they'll let me count what I've already "invested" as contribution toward the stock price. I could be a controlling shareholder.
:sad3:

Poker is on fire!

It will remain that way for the next 2-3 years.

too many amateurs at Party

I play with the pros at Stars

jj- another excellent point, because as we all know, you never want to play poker against soft amateurs........

Fishhead said:

I feel just the oppostite.

Click to expand...

I agree with Fish...

I think the more it gets out there, and the more people that are involved, the harder it will be to stop it...

Andif it becomes more "acceptable" to society, it will become more acceptable to politicians seeking "re election"

That may be the worst name in history....

BAUS

Poker is so unlike the other games in the casino world. I think the unspoken truth is at some point Party is going to get to cut back the heavy promotion they do now and refocus what they spend in other directions, sort of "lifestyle" type promotion. At some point it will be pointless to compete with them or maybe one of the few others because it is like Ebay, the more people you have, the more reason others have to be there. It isn't like sports where size of market matters much. These companies like Ebay, Betfair, and Party Poker have this huge edge and I don't think the investment markets quite give them the credit for it. Margins just get better in the future to the point where revenue growth slows, but the cash flow is insane and requires very minimal investment to maintain or even grow.