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888.com plans London IPO

Wednesday, Aug. 24, 2005 | 10:06 a.m.

888.com, the world's largest internet casino operator in terms of numbers of visitors, plans to hold an initial public offering in London on Sept. 1 which may value the company at over $1.3 billion, the Financial Times said, citing unidentified people close to the plans.

Two Israeli families control 90 percent of the company, the newspaper said. Avi and Aharon Shaked own 70 percent of Gibraltar-based 888.com, while the Ben-Yitzhak family owns 20 percent, the FT said.

The casino operator makes annual profit of 100 million pounds ($180 million), the FT said, citing unidentified analysts.

HSBC Holdings Plc is bookrunner on the sale, which is being managed by Panmure Gordon Investments Ltd. and Numis Securities Ltd., the FT reported.

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