|With the collapse of the dotcom bubble, the market for initial public offerings (IPOs) has been moribund for the past couple of years, but it seems that things are picking up. An example is the UK mobile gambling company Million 2-1, which operates text message-based lotteries on behalf of charities and sports betting games, which is about to appoint advisers for its flotation next year. A valuation of £50 million is anticipated.|
Million 2-1 chief executive Chris Sheffield is in discussions with UK premiership soccer club Arsenal and its shirt sponsor mmO2 about match-day lotteries. Sheffield said the company was days away from completing a £2 million pre-float shares deal. So far, Million-2-1 has been funded by the £18 million proceeds from the sale of Web design group Eunite (who worked on Stanley Leisure’s online offering, Crockfords casino).