PokerStars prepares to float, again

PokerStars is once again preparing to launch an Initial Public Offering (IPO) on the London Stock Exchange (LSE), The Times reported this week. The IPO is expected to float with a value of $3 billion (£1.6 billion).

Industry analysts believe PokerStars will appoint HSBC as the "sole global coordinator and sponsor" of the IPO, while Dresdner Kleinwort Wasserstein (DKW) will offer support as joint bookrunner.

Both HSBC and DKW have experience launching Internet gambling firms on the LSE, with DKW responsible for PartyGaming Plc.'s float and HSBC advising 888 Holdings, owner of Pacific Poker.

PokerStars, considered the second largest in the world after PartyGaming Plc. which owns PartyPoker.com, is run by the Scheinberg family, who own approximately 75% of the gaming firm. Employees own most of the remaining 25%.

The firm was contemplating a float as early as January 2006, and at the same time, was working with London bank NM Rothschild on a possible trade sale, approaching rivals PartyGaming Plc., 888 Holdings, William Hill, Rank Group, and Sportingbet.

Rumors of a PokerStars IPO also surfaced in April 2006.



courtesy of Lianne Elias

News Added: 06 June, 2006

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