Betfair flotation values company at £1.4bn 25/10/2010 |
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Online sports betting company Betfair has priced its share flotation on the London stock market, in a move which values the total business at £1.4bn.
The sale of 15.2 per cent of the company took place at a price of £13 per share.
The 16.2 million shares in the gambling firm were sold towards the top of the £11-£14 planned range.
The shares rose to £15.60 in early conditional trading – up 20 per cent from the initial public offering price.
Betfair has three million customers and pioneered person-to-person betting, where punters bet against each other rather than the bookmaker on a range of sports.
The company was founded by Andrew Black, a former professional gambler, and Edward Wray, a former JP Morgan trader.
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