Betfair Valued at £1.4bn on Flotation
Betfair founded by Andrew Black, a one-time professional gambler, and former City trader Edward Wray is said to have been found 10 years ago. Before the trading had commenced the combined stake is said to have been valued at £320 million.
This online gambling Company is at present valued at at £1.4 billion on its stock market debut. Left with almost 20% of the business, the duo are said to have sold million shares in the initial public offering. These shares are believed to be between £14 million and £17 million.
The bookmaking rivals abhor Betfair, but it still alleges to be Europe’s largest online sports betting operator with 2.5 million registered users. It is said to have shown an abrupt growth and popularity among punters as it provides them with better odds.
As much as £200 million are said to have been raised through the vending of 155 of the Company.
The Company is likely to be eligible for the inclusion in the FTSE 250 Index, as the opening valuation for the Company has come out to be very close to the Company’s previously declared price range.
David Wilkinson, IPO leader at Ernst & Young in the UK said "Betfair could be just what the doctor ordered for the UK's IPO market, which badly needs a dose of confidence”.