Showing posts with label float. Show all posts
Showing posts with label float. Show all posts
Saturday, 23 October 2010
Investors eagerly awaiting Betfair float
Westmead Guru lands Henlow Derby in style Cahill stars on course for Newcastle FestivalBradley races to track record in Leger semiDroopys Oscar goes well in Newcastle warm-upMac is back in Harold's Cross Grand NationalRead Full News Service Search News Archive
Monday, 11 October 2010
Betfair float offer covered, say City sources
Notts Produce Sky final draw on hold for run-off GBGB seeking sponsors for annual Awards nightRayvin Neasa impresses for Lister in ManchesterDroopys Belletti withdrawn from St LegerLame Farley Zach out of Wimbledon's St LegerRead Full News Service Search News Archive
Tuesday, 28 September 2010
Betfair float valuation going low
Rival bookmaker Bodog don't mind a bit of innovative publicity, such as being first to price up who killed Archie Mitchell in EastEnders, which was then copied by several other firms. This time they have gone up with markets on the Betfair IPO valuation and the market moves are telling a story.
Initially, under £1.4bn (remember, the figure quoted in most of the press was £1.5bn, which was their valuation in 2005 when Softbank purchased 23% of the company) was priced at 8/11 with over that figure available at evens. But money has come strongly for the under, forcing it down to 1/2, then 1/3.
A Bodog spokesman said: “We have had 182 bets on the downside compared to just 22 on the upside. For a bet this niche this is quite a lot. Having a lot of experience in this industry I’m pretty certain these people will turn out to be right.
“We even had people setting up multiple accounts so they could get three bets at the maximum of £500 a bet.”
Sounds like a few ex-staff starting to hedge as their dreams of buying Ferraris are being downgraded to just a nice Jag...Posted byScott Fergusonat08:32
Initially, under £1.4bn (remember, the figure quoted in most of the press was £1.5bn, which was their valuation in 2005 when Softbank purchased 23% of the company) was priced at 8/11 with over that figure available at evens. But money has come strongly for the under, forcing it down to 1/2, then 1/3.
A Bodog spokesman said: “We have had 182 bets on the downside compared to just 22 on the upside. For a bet this niche this is quite a lot. Having a lot of experience in this industry I’m pretty certain these people will turn out to be right.
“We even had people setting up multiple accounts so they could get three bets at the maximum of £500 a bet.”
Sounds like a few ex-staff starting to hedge as their dreams of buying Ferraris are being downgraded to just a nice Jag...Posted byScott Fergusonat08:32
Friday, 17 September 2010
excitement over Betfair float cooling a little
One of Betfair's strongest allies in the press, Greg Wood of the Guardian isn't getting caught up in all the hype over the Betfair float.
What prospects are left for growth? If the economy is flat, then why are they going ahead now? Is liquidity flat-lining?
Betfair flotation may give potential investors that sinking feeling
The men who founded Betfair are gamblers at heart, and reports over the weekend that they intend to press ahead with a float suggest that their appetite for a punt has not diminished. An oft-quoted estimate of the exchange's value is £1.5bn. These are uncertain times, but if it raises much less than that, it will be seen as a gamble gone astray.
It is entirely possible that Andrew Black and Ed Wray, who own 25% of the business, are so confident about Betfair's long-term prospects that the immediate possibility of a double-dip recession is of little concern. Alternatively, it is conceivable that Betfair, in their opinion, is now as valuable as it is likely to get, and so it is time to cash in without delay.
A little over two years ago, a personal view would have been that the former explanation was much the more plausible. Now, I'm not so sure.
You have to admit, he has a point. Considering that very few of the remaining honchos at Betfair these days actually bet, and who the hell would trust investment bankers these days, is there any reason to assume they are going ahead at the right time?? Still, the only people really complaining if the £1.5bn valuation only realises £1.25bn are Softbank, the technology investment company who bought in at the peak of the market. Everyone else was in much earlier, so dropping 1/6 of perceived value in the current economy when the initial investment was significantly less won't bring too many tears.Posted byScott Fergusonat09:02
What prospects are left for growth? If the economy is flat, then why are they going ahead now? Is liquidity flat-lining?
Betfair flotation may give potential investors that sinking feeling
The men who founded Betfair are gamblers at heart, and reports over the weekend that they intend to press ahead with a float suggest that their appetite for a punt has not diminished. An oft-quoted estimate of the exchange's value is £1.5bn. These are uncertain times, but if it raises much less than that, it will be seen as a gamble gone astray.
It is entirely possible that Andrew Black and Ed Wray, who own 25% of the business, are so confident about Betfair's long-term prospects that the immediate possibility of a double-dip recession is of little concern. Alternatively, it is conceivable that Betfair, in their opinion, is now as valuable as it is likely to get, and so it is time to cash in without delay.
A little over two years ago, a personal view would have been that the former explanation was much the more plausible. Now, I'm not so sure.
You have to admit, he has a point. Considering that very few of the remaining honchos at Betfair these days actually bet, and who the hell would trust investment bankers these days, is there any reason to assume they are going ahead at the right time?? Still, the only people really complaining if the £1.5bn valuation only realises £1.25bn are Softbank, the technology investment company who bought in at the peak of the market. Everyone else was in much earlier, so dropping 1/6 of perceived value in the current economy when the initial investment was significantly less won't bring too many tears.Posted byScott Fergusonat09:02
Tuesday, 14 September 2010
it's Sunday.. time to bring out Betfair float rumours again
Seriously, which part of a newspaper spouts more crap - the front page of a tabloid, the back pages with transfer rumours during the silly season or the financial pages? For the umpteenth time, a Betfair float is 'imminent' according to the Sunday Times. You can head over there to read it if you believe in Rupert Murdoch's pay-per-view business model, or you can just read one of the many reports regurgitating the same thing like this one...
Betfair gambles on £1.5bn flotation
Gaming giant Betfair is set to press ahead with a £1.5 billion stock market flotation, it has been reported.
The online betting exchange is expected to make an announcement on its plans for an initial public offering within a fortnight, according to the Sunday Times newspaper.
This story reeks of a Ronaldo or Fabregas transfer, it just keeps going on and on and the papers just keep speculating. If you keep throwing darts randomly at dates, eventually they might hit it.
If Betfair do go now, then their analysts and board don't have high expectations for the economy over the next couple of years....
UPDATE:
Rumours are very strong according to company insiders, with one former colleague plugging brokers and tax accountants to ex-employees....Posted byScott Fergusonat16:08
Betfair gambles on £1.5bn flotation
Gaming giant Betfair is set to press ahead with a £1.5 billion stock market flotation, it has been reported.
The online betting exchange is expected to make an announcement on its plans for an initial public offering within a fortnight, according to the Sunday Times newspaper.
This story reeks of a Ronaldo or Fabregas transfer, it just keeps going on and on and the papers just keep speculating. If you keep throwing darts randomly at dates, eventually they might hit it.
If Betfair do go now, then their analysts and board don't have high expectations for the economy over the next couple of years....
UPDATE:
Rumours are very strong according to company insiders, with one former colleague plugging brokers and tax accountants to ex-employees....Posted byScott Fergusonat16:08
Monday, 6 September 2010
Betfair float to be pushed back again?
The rumours were all saying the company was primed for an October float but lacklustre results from recent flotations may push it back to 2011 or beyond.
A study reported by The Financial Times has shown that more than half of the big "initial public offerings" in Europe this year had shares trading below their issue price, leaving investors sitting on a loss.
Betfair to play waiting game over flotation (subscription)) (free link)
THE prospects of being able to buy shares in Betfair from as soon as next month appear to have taken a knock from the performance of other Stock Market listings in 2010.
In the absence of a commitment from Betfair on its long-mooted Stock Market flotation at a value of as much as £1.5 billion, evidence from other firms appears to show the timing may be wrong.
.
.
.
Preparing for such a massive sea change in the company's ownership is not without its difficulties, but thoughts that October was the favoured month for a Betfair float may need to be reassessed in the light of the post-float experience of other businesses.
.
.
.
Ocado, the online service that delivers Waitrose goods, was forced to cut its flotation price from 200p to 180p and, despite that manoeuvre, shares fell by 20 per cent in just over a month.
Of 31 businesses which floated across Europe since January and which raised more than $100m, 16 were trading under issue price last Friday. The FT also reported that the average performance of six launches backed by Goldman Sachs reported to be an adviser to Betfair - was a drop (from the issue price) of 0.7 per cent.
So it could be a while yet for all those early staff members who are still sitting on their company shares....Posted byScott Fergusonat02:11
A study reported by The Financial Times has shown that more than half of the big "initial public offerings" in Europe this year had shares trading below their issue price, leaving investors sitting on a loss.
Betfair to play waiting game over flotation (subscription)) (free link)
THE prospects of being able to buy shares in Betfair from as soon as next month appear to have taken a knock from the performance of other Stock Market listings in 2010.
In the absence of a commitment from Betfair on its long-mooted Stock Market flotation at a value of as much as £1.5 billion, evidence from other firms appears to show the timing may be wrong.
.
.
.
Preparing for such a massive sea change in the company's ownership is not without its difficulties, but thoughts that October was the favoured month for a Betfair float may need to be reassessed in the light of the post-float experience of other businesses.
.
.
.
Ocado, the online service that delivers Waitrose goods, was forced to cut its flotation price from 200p to 180p and, despite that manoeuvre, shares fell by 20 per cent in just over a month.
Of 31 businesses which floated across Europe since January and which raised more than $100m, 16 were trading under issue price last Friday. The FT also reported that the average performance of six launches backed by Goldman Sachs reported to be an adviser to Betfair - was a drop (from the issue price) of 0.7 per cent.
So it could be a while yet for all those early staff members who are still sitting on their company shares....Posted byScott Fergusonat02:11
Wednesday, 18 August 2010
the Betfair float - is it finally here?
Peter Webb is reporting via rumours on SkyNews, that the float is set for the autumn.
There have been rumours around mentioning that period as time for the float... but the same could be said for a long list of dates over the past five years. Stay tuned for an announcement....
Here's more from SkyNews's Mark Kleinman.
It will be a quick turnaround to list as early as September, but in reality, they have been planning this for years, it was only a matter of when.Posted byScott Fergusonat13:54
There have been rumours around mentioning that period as time for the float... but the same could be said for a long list of dates over the past five years. Stay tuned for an announcement....
Here's more from SkyNews's Mark Kleinman.
It will be a quick turnaround to list as early as September, but in reality, they have been planning this for years, it was only a matter of when.Posted byScott Fergusonat13:54
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