Betfair is intending to apply for admission to the premium listing segment of the Official List of the UKLA and to trade on the main market of the London Stock Exchange.
The sports betting provider will proceed with an initial public offering of shares but does not intend to issue any new shares as part of the offer. The 600 or so other shareholders, the majority of whom have holdings of less than one per cent, will be given the opportunity to sell their shares as part of the offer.
Commenting on the announcement, David Yu, CEO of Betfair, said: ‘‘For 10 years, Betfair has delivered sustained revenue growth and continued profitability and this success, along with our debt-free balance sheet, underpins our confidence to continue investing in the many opportunities we see before us for the long-term success of the business.’‘
Edward Wray, chairman of Betfair, added: ‘‘Becoming a publicly listed company will provide Betfair with the heightened profile and enhanced transparency that will help us cement our long-term relationships with customers, regulators and business partners around the world.’‘
