32Red, a UK-focused online casino operator, has floated on London Stock Exchange. Admission took place and dealings in the Ordinary Shares on AIM commenced at 8.00 a.m. on Friday the 23rd of September. On Admission the Company had 47,335,500 Ordinary Shares in issue and a market capitalization of around £60 million.
32Red had to shelve plans for a £25m fundraising drive after investor appetite for egaming stocks collapsed following the share price fall of PartyGaming.
But Ed Ware, chief executive of 32Red, commented he was not disappointed at the revised flotation plans.
“I’m quite happy with the situation, and when the market sentiment has turned around we may look at a fundraising from a much stronger position,” he said.
During the six months to 30 June 2005, 32Red generated revenues of around £4.2m and net profits of around £1m.
32Red plans to use its boost in public profile from the listing to launch an offline marketing program, and increase its international exposure.
Ware said he intended to keep focusing on the UK market, but would also increase marketing activities in Japan and throughout Scandinavia.