The poker bandwagon rolled into town this week with a successful
public offering by World Poker Tour.
World Poker Tour Enterprises 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 capitalize 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.