16th of January 2011 Author: Ava Jackuard
Does the show do the trick?
Upon finding their share price going down, online gambling group Betfair, which launched an IPO amid much fanfare late last year, decided to start a high level road show for investors in order to fight this threat.
According to the UK media, the last week’s drop of the shares was some 33 percent compared to the launch price in October 2010 of GBP13. Therefore, the company appointed a road show team, led by CEO David Yu, which made presentations in the offices of giant US broker houses, including Morgan Stanley and Goldman Sachs, which have already cooperated with Betfair when they sponsored the GBP 1 billion IPO.
The road show initiative so far seems to be a success, with the shares going back up, touching 947p late in the week before closing 2.50p easier at 922.50p.
It was further reported that "the IPO made Betfair more attractive to foreign investors, as it attempts to expand into new markets overseas. On that score, word is Yu has two or three international deals up his sleeve which should bolster its rating.”
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