Listing date set for Cassava?

Listing date set for Cassava? Cassava Enterprises, the Gibraltar-based owner of 888.com, hit the headlines in the UK this week with reports its predicted US$1.3bn listing on the London Stock Exchange could occur as soon as 1 September. Cassava has been linked with an IPO since March 2005, but reports increasingly suggest the company will almost certainly now list next month. view previous story A Cassava spokesman said an IPO was still only “the preferred option” and no final decision has been made. But he added a decision was expected “very shortly” and a report in the Financial Times said it was looking at 1 September to make its public debut. The company, which operators the world’s largest online casino alongside the successful poker site Pacific Poker, will have a predicted valuation of US$1.3bn. Annual profits for Cassava are believed to be between US$70-100m, but it is expected to list at a lower multiple than rival company PartyGaming. Party made its stock market debut in July 2005 at a valuation of US$8.5bn, and has since seen its share price rise by over 40%. A separate report in the UK Sunday Express newspaper said Cassava was expected to mount a bid for PokerStars following a successful listing. The potential deal would likely make the combined company second only to PartyGaming as the largest listed egaming company.