32Red.com plans to raise £25m in flotation - Friday 12th of August 2005

32Red.com, the online casino group, will raise about £25m in new capital next month when it becomes the latest internet betting company to float in London.

Set up by a former Ladbrokes director, Ed Ware, and based offshore in Gibraltar, 32Red.com is set to be worth £100m. In contrast to some other recent floats in the sector - most notably PartyGaming, whose four founders pocketed the entire proceeds of the float and cashed in on almost £1bn - none of the shareholders will sell any shares.

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