Popular online casino group, 32Red.com, decided to go ahead with their intended float, despite the recent drop in PartyGaming's shares.
However, instead of a full floatation, 32Red listed just 0.5% of their equity -with a view to a future round of fundraising. This makes the MicroGaming powered casino group valued at �61.5 million and still majority-owned by their 3 main shareholders.
Most interesting part of all this are the figures! 32Red had net profits of �1m on �4.2m revenues in the six months to June 30. Net profits in 2004 were �1.1m on �5.9m sales. However, the most glaring figure is the split between casino and poker. More than 93% of revenues came from casino – making that just 7% from poker – proving thats its not as easy as PartyGaming make out to attract a successful online poker business
Article: 32Red online casino goes for a rolling flotation