|World Poker Tour Enterprises began priced its initial public offering and began trading on Tuesday, raising $32 million by offering 4 million shares at $8 a share, a higher price than expected. The company will trade on the Nasdaq under the symbol WPTE. At the end of the first day, shares closed at $6.86, down $1.14.|
Money raised will go toward working capital, capital expenditures and the repayment of outstanding debts amongst the company’s three divisions: WPT Studios, WPT Consumer Products and WPT Corporate Alliance.
WPT wants to capitalise on its current popularity, which has seen it become Bravo’s most highly rated show, by exploring new concepts through its brand, such as television and film production.