888.com Expected to Go PubliceGaming Site May Offer IPO on London Stock Exchange |
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Cassava Enterprises, owner and operator of 888.com, the online casino and poker room, is part of a pack of egaming companies poised to go public. 888, in business since 1997, is the owner of the Pacific Poker and Casino-on-Net brand. Looking to follow Party Gaming's success, the Gibraltar based business is expected to offer an IPO on the London Stock Exchange. The date is not set, but the London Times reports that the company's value is expected to surpass $1.5 billion when it floats in London, "as early as next month."
Chief Executive John Anderson, and founders Avi and Aaron Shaked are expected to reap large rewards from the IPO. Anderson owns a 4% share, while the Shaked's own 70%. The only other major player is a family trust, controlled by Shay Ben Yitzhak, worth 20%.
Cassava would be featured on the FTSE 250, but it is still not confirmed that the company intends to move forward with the IPO.
The growing trend of online casinos and poker rooms becoming publicly held companies will not stop here. Poker Stars announced just weeks ago that it will move its operation from Costa Rica to Isle of Man, seemingly to position itself for a float on the London Stock Exchange as well.
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