WORLDSPREAD IPO RAISES GBP 5.77 MILL
10 August 2007
AIM launch goes ahead on schedule
The anticipated launch on the London AIM of Irish
spreadbetting company Worldspreads (see previous
InfoPowa reports) went ahead on schedule this week,
raising GBP 5.77 million through a placing at 47p a
share. The issue valued the company at GBP 19 million,
providing funds for expansion.
WorldSpreads was formed in Dublin in 2000 and opened a
London office in 2005. By March this year it had a
client list of 1 936, and in the year to March, the
company generated revenues of Euro 6.58 million and
reported an operating profit of Euro 530 000.
CEO and co-founder Conor Foley remarked: “The
spread-betting sector is growing rapidly. Having put in
place the infrastructure in Dublin and London, we
believe that the increased profile and additional
funding our listing on AIM brings will provide an
opportunity for us to grow a substantial business.”
Foley added that the placing had been several times
over-subscribed. “The response we have had from the
market during the placing has been tremendous,” he
added.
In January of this year, the company began offering
foreign exchange and futures and options products via a
joint venture with Regent Partnership, also through its
London office.
The firm has joint ventures and revenue sharing
relationships in Spain, South Africa and Hungary. In
South Africa, the company has entered into a partnership
with South African tote organisation Phumelela to offer
a version of the company’s Sportspread product.
Online Casino News courtesy of
InfoPowa
More news here.
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