Cassava IPO speculations

24.08.2005

Reuters and other reports on the public listing of Cassava Enterprises permeated the UK media this week as speculation continued (see previous InfoPowa reports) that the major Internet gambling operator was planning a GBP 700 million flotation late next week.

Cassava subsidiary 888.com, the world's largest internet casino operator in terms of visitor numbers with 20 million registered player accounts is reportedly aiming to make its debut in London next Thursday. Listing experts HSBC bank has been advising the companys management.

According to the Financial Times in London, a listing would value 888.com at more than GBP 700 million, marking a major windfall for the two Israeli families that control some 90 percent of the firm. Avi and Aharon Shaked are said to own about 70 percent of the company in a family trust, with the Ben-Yitzhak family holding around 20 percent.

Gibraltar-based 888.com, which operates Casino on Net, Reef Club Casino and Pacific Poker generates significant revenues through its well-established and highly successful operations in the online casino and poker sector.

Cassava has remained tight-lipped on the speculative reportage.

Late last week a report in Britain's Sunday Express newspaper suggested that Cassava was considering making a bid for its rival PokerStars, but again the company declined to comment.