 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
William Hill Shares Make Strong Debut17 June 2002UNITED KINGDOM – As reported by the (UK) Business A.M.: "William Hill defied weak stock markets today, scoring with an initial public share offering that attracted strong investor demand at the height of World Cup fever. "The share offer was more than 10 times subscribed and the shares leapt 7% above their 225p issue price as soon as they began trading. The offer price was at the top end of the indicative range of 190-240p and values the business at £949m (US$1.4 billion). "The bookmaker will use the £340m of new money it raises to fund expansion. "William Hill, which has over 1,500 shops, tops a growing list of European firms that are bringing their shares to market despite a dismal few months for equities. " …`It's quite an achievement,' said Eric More, senior investment manager at Gartmore Investment Management. "… To meet the greater than expected demand, William Hill's private equity owners, Cinven and CVC Capital Partners, sold down a larger-than-expected proportion of their stakes. The two will now hold only 27% of the shares, compared with 90% before the float and their initial target of around 44%…" |