|Media reports surfacing this week suggest that one of the largest online poker services, PokerStars.com is almost ready to float on the London Stock Exchange. If initial valuations are to be believed, the company could come on to the market at a value of around £2 billion.|
Having recently announced their surpassing of five million members, PokerStars is reportedly in the midst of considering which investment bank they feel would best lead the flotation. It is believed that HSBC is amongst the current favourites as they previously led a similar sized flotation for 888 Holdings.
Annual profits for PokerStars are projected to be between £150m and £200m, which leaves the company as the second largest online poker service in the world behind PartyGaming.
Although the company seems to be rapidly putting everything in place for a flotation, itís still expected that they will come on to the stock market nearer the end of 2006.