UKbetting raises 5.55m ahead of AIM IPO
- Added:
- Jul 31, 2001
23.8m shares were placed with institutional and other investors at 25p each, valuing the company at 7.5m.
UKbetting plc was established as the holding company to execute the MBO of ukbetting.com. The completion of the MBO, which was headed by chief executive Eric Semel, was subject to the successful flotation of the company on AIM.
The flotation funds will be used for new technological developments to enable the business to exploit interactive TV and mobile platforms. It will also be used to expand its existing 8,000 strong customer base through sales and marketing, and to develop partnerships with major brands in the leisure sector.
Ukbetting.com was bought from Enic for 1.5m in cash and 1.5m in shares. A further consideration of up to 3m is payable depending on ukbetting.com's future performance.