ONLINE gaming firm Sportingbet has confirmed its plans to move to London’s main market next month to boost its profile among investors.
The news sent shares in the group, which first joined the Alternative Investment Market back in January 2001, up to 75.5p.
This potentially values the group at £370 million which could see it slot into the FTSE 250.
Sportingbet says it believes the official list is “the most appropriate platform for the continued growth of the group.”
It hopes the move will increase its profile, help the liquidity of its shares and give it access to a wider range of potential investors.
Back in March the group, which gets almost 90 per cent of its bets from Europe, reported a 17 per cent rise in interim profits to £16.3m following a 19 per cent rise in revenue to £101m.
It is now hoping the World Cup in South Africa in June will help to keep the momentum going.
The company's shares will now be admitted to the official list and simultaneously cancelled on AIM on or around 14 May 2010.