| Posted by: ian_go at June 27, 2005, 9:34 am | | Topic: PartyGaming shares jump in first day's trading Forum: Winner Online |
PartyGaming shares jumped by 11% in a frantic first day of trading on the London Stock Exchange pushing the alue of the firm to US$9.4bn.
Over 340m shares changed hands making Party the most actively traded stock on the LSE.
And the positive market reception will undoubtedly spur other egaming firms to push ahead with listing plans.
Analysts have predicted PartyGaming will now seek to use its massive aluation to embark on a major acquisition drive.
But PartyGaming’s chief executive Richard Segal denied this was the firm’s major focus in an interview with eGaming Review.
“We do not intend to go on an acquisition trail with all guns blazing, and the primary focus will be on organic growth,” Segal said.
“That means driving our core products in core territories, expanding internationally and introducing new products."
"But if the right acquisition comes along that stacks up strategically and commercially we will certainly look at it," he added.
Segal said the firm was looking at European poker as a key growth area, alongside expansion of its international casino business with the launch of Party Casino in the first half of 2006.
But he said PartyGaming would not underestimate the increasing competition from within the poker sector for its market share.
"We don't consider ourselves above anyone, and we see ourselves on the ground fighting for every player," he said.
"I see the next 18 months to two years being somewhat of a battleground and there will be some winners or losers in that timeframe."
"And I ery much see as a winner," he added.
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