With 62% of the shares sold in the initial public offering changing hands in the first day of trading, at ever lower prices respect to the offer price of 175p, Alex Brummer, Daily Mail City Editor, believes the floatation of 888 Holdings should never have taken place.
Brummer said the business is built on the “flimsiest of platforms,” with no history to build a model upon and no regulations in the world\’s largest market, the US.
The lack of consistence of the float has been characterized by the number of times (three) the price has been slashed, as “online gambling has become as perishable as peaches in the summer heat,” and only the desperation of the British investment banking sector allowed an Israeli dentist, Aharon Shaked, his brother and co-founders to sell their shares and net a fortune of over £130 million, while retaining a holding worth more than £400m.
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