Centrebet Closes Float Oversubscribed

As reported by the Australia Herald Sun: "Online sports betting shop Centrebet has closed its $70 million float oversubscribed after strong demand from retail and institution investors.

"The privately-owned online wagering and gaming company plans to sell 35.11 million shares, or about 40 per cent of the company, at a share price of $2.

"Proceeds of the initial public offering will be used to pay down debt and position the company for future expansion in both domestic and international gaming markets.

"…It is expected Centrebet will have a market capitalisation of $174 million when it lists on the Australian Stock Exchange on July 12.

"Centrebet managing director Con Kafataris said investors had embraced Centrebet's online business model as well as its expertise in book keeping and risk management.

"…The company expects to pay a 4.65 per cent, fully franked dividend for the 2007 financial year…"

2006-06-29