Online Casino Cassava Plans IPO

Cassava Enterprises is planning an initial public offering in London that would value the internet casino operator at more than 700 million pounds, sources close to the deal said on Wednesday. 

"An IPO is the company's preferred option," one of the sources said. 

Another added that: "The IPO may or may not happen in September. Very preliminary estimates value the firm above 700 million pounds." 

The Financial Times reported that Cassava is working towards a September 1 launch date, citing people close to the plans. 

Gibraltar-based Cassava runs several online casinos, including 888.com, Pacific Poker and Reef Club Casino. The company could not comment on its IPO plans immediately. 

The flotation is expected to generate big windfalls for the two Israeli families that control more than 90 per cent of the company.

Avi and Aharon Shaked own about 70 per cent, while the Ben-Yitzhak family owns about 23 per cent. The company has 20 million registered member accounts in more than 150 countries. 

HSBC will be the sole bookrunner on the deal, while brokers Panmure, Bridgewell and Numis Securities are co-lead managers, the sources added.