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drunkguy
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Date Joined Mar 2005
Total Posts : 944
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Posted 7/1/2005 4:35 PM (GMT -5) |
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Posted: 1/7/2005
Early trading sees Party break US$10bn mark
PartyGaming's market capitalisation has risen above US$10bn after a dream start to trading in its shares on the London Stock Exchange.
Institutions have been trading in the shares since Monday, but the firm’s valuation took another leap when trading was opened up to the public on Thursday.
Shares opened on 116p and climbed as high as 154.7p before closing on 144p on Friday 1 July, a rise of almost 25%.
And the share price leap gives PartyGaming a market capitalisation of US$10.2bn, boosting the paper fortunes of its founder shareholders.
Party’s largest shareholder, its operations director Anurag Dikshit, saw his remaining stake rise above US$3bn.
Similarly the combined shareholding of founder Ruth Parasol and her husband Russ DeLeon is now worth US$3.11bn.
And Vikrant Bhargava, PartyGaming’s director of marketing widely credited with spearheading the success of the PartyPoker site, saw his stake rise to US$0.92bn.
Other egaming stocks have been boosted by the strong opening performance of PartyGaming.
Empire Online, the parent company of the largest skin in the PartyPoker network, saw its share price finish the week 5% above its listing price.
Empire had suffered a share price drop last week in the wake of negative media coverage of PartyGaming in the run up to its IPO.
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