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UPDATE 1-Betfair IPO covered after one day - sources
October 8, 2010 / 12:48 PM / 7 years ago

UPDATE 1-Betfair IPO covered after one day - sources

*Shares offered at 11-14 pounds

*Values company at up to 1.48 bln pounds (Adds more detail)

By Chris Vellacott

LONDON, Oct 8 (Reuters) - Online betting company Betfair has attracted enough orders from investors to cover all the shares offered for its London listing, two banking sources close to the transaction said on Friday.

The offer of around 10 percent of Betfair was oversubscribed after the first day of bookbuilding which launched on Thursday, the sources said.

The shares are being offered at between 11 and 14 pounds each, valuing the company at up to 1.48 billion pounds ($2.35 billion).

Betfair is the world’s largest internet betting exchange, with more than 3 million registered users and processes more than 5 million bets a day.

Founded 10 years ago by Andrew Black, a one-time professional gambler and former JP Morgan trader Edward Wray, it offers person-to-person betting, which allows customers to both place bets or take them in the role traditionally played by a bookmaker.

The company expects to announce a final price for the offer on Oct. 22.

Goldman Sachs and Morgan Stanley are joint bookrunners while Barclays Capital and Numis are co-lead managers. (Reporting by Chris Vellacott; Editing by Erica Billingham) (For the Funds Hub blog: blogs.reuters.com/hedgehub) (For Global Investing: here)

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