PokerStars, the second biggest poker room ranking only behind PartyGaming, is seeking a listing on the London Stock Exchange. The company is currently negotiating with a number of investment banks to aid with the listing. The value of PokerStars is estimated at more than $2 billion dollar.
Until recently the company had employed NM Rothschild to prepare a sell-out to either a land-based gaming company or an online competitor. But PokerStars has now changed it's strategy and is going for a listing on the London Stock Exchange.
PokerStars is negotiating with a number of investment banks to aid with the listing, including HSBC and Dresdner Kleinwort Wasserstein, according to the Sunday Times. The flotation should be completed before the end of this year.
PokerStars was founded in 1999 by Isai Scheinberg, a former IBM programmer. The Scheinberg family owns more than 75% of PokerStars stock. The remaining shares are owned by employees.
PokerStars operates from the Isle of Man. It is making an estimated profit of $200 million a year and recently reported it had doubled the number of registered real money players in a year's time. The poker room is endorsed by three World Series of Poker champions: Chris MoneyMaker, Greg Raymer and Joe Hachem.