Online gambling group Betfair, which launched an IPO amid much fanfare late last year, has found its share price slipping, answering the threat with a high level road show for investors, according to UK business press reports.
The Daily Mail reported that by Monday last week the shares were trading down 33% on the launch price in October 2010 of £13.
The road show team, headed by chief executive David Yu, made presentations in the offices of giant US broker houses like Morgan Stanley and Goldman Sachs, both of which had sponsored the £1 billion IPO.
The newspaper reports that the initiative must have struck a chord somewhere, because the shares have since bounced back, touching 947p late in the week before closing 2.50p easier at 922.50p.
"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," the newspaper opined.
Source: InfoPowa News