Good first day for Partygaming
27.06.2005PartyGaming shares jumped by over 11 percent in a frantic first day of trading on the London Stock Exchange, pushing the value of the firm to US$9.4bn.
Over 340 million shares changed hands making Party the most actively traded stock on the LSE.
Analysts have predicted PartyGaming will now seek to use its massive valuation to embark on a major acquisition drive.
But PartyGaming's chief executive Richard Segal denied this was the firm's major focus in an interview with eGaming Review.
"We do not intend to go on an acquisition trail with all guns blazing, and the primary focus will be on organic growth," Segal said.
"That means driving our core products in core territories, expanding internationally and introducing new products."
"But if the right acquisition comes along that stacks up strategically and commercially we will certainly look at it," he added.
Segal said the firm was looking at European poker as a key growth area, alongside expansion of its international casino business with the launch of PartyCasino in the first half of 2006.
