Centrebet closed its $70 million float oversubscribed

Australian Herald Sun reported that after strong demands from investors and retail Centrebet has closed its $70 million float oversubscribed.

The Online sports betting shop and gaming company plans to sell 35.11 million shares, or about 40 per cent of the company, at a share price of $2.

The public offering strategy will be used to pay down debt and to prepare the company for future development in international gaming markets. The expected market capitalization for Centrebet ranged at $174 million after it’s listing at the Australian Stock Exchange on July 12

The company expects to pay a 4.65 per cent, fully franked dividend for the 2007 financial year.

Australia Herald Sun reported that after strong demands from investors and retail Centrebet has closed its $70 million float oversubscribed.