Hoping to raise £30 million, Sportingbet.com Plc of Alderney is preparing its initial public offering later this month on the Alternative Investment Market (AIM) of the London Stock Exchange, making it the first British IPO for 2001. The company sent out its prospectus on January 10, naming January 23 for its pricing date and January 30 for shares to go on sale.
Sportingbet has more than 50,000 customers from 103 nations. After launching its online bookmaking operations in 1998, the company swiftly grew. In May 2000, the company acquired BetMaker.com, a Costa Rica-based bookmaker, for £9.5 million in cash and shares. The acquisition is now known as SportingbetUSA.com and principally serves the North American market.
Sportingbet has also expanded its offering through regional specific websites, and has also developed marketing campaigns targeting the burgeoning gambling markets in Southeast Asia, Japan and Turkey. Last year Sportingbet also ventured into new media with the launch of a British betting service available over interactive television.
"The directors believe that our move to a fully regulated market together with the new funding will further consolidate the company's positions within the global online sports betting market," said CEO Mark Blandford. "The worldwide potential of the market is material and Sportingbet will be more strongly placed to take advantage of the international opportunities available to an established and well-structured company."
The bookmaker has been listed on the OFEX exchange since mid-1999. For the first six months of 2000 Sportingbet reported a £114.1 million increase of turnover for same period 1999.
Dresdner Kleinwort Wasserstein is the financial adviser and sponsor for the placement.