Ukbetting announces share prices for AIM flotation

Ukbetting.com, the online bookmakers has announced that ordinary shares for the company will be priced at 25 pence per share when it floats on the Alternative Investment Market next Tuesday, valuing the company at £7.5m. Nearly 24m shares have been allocated to institutions and other investors, and a further 6m consideration shares will be issued at admission. The share capital should raise capital of around £5.5m which will be redirected into the funding of new technological developments and expansion of customer bases into Europe. Commenting on the announcement, Eric Semel, chief executive of ukbetting.com said We are delighted to have received such an overwhelming response from investors, particularly given the current market conditions. The online gaming market is set to reach £21billion worldwide this year and we aim to secure an important role within this industry using technological innovation, overseas expansion and novel marketing techniques.