Spread-betting firm lists on IEX

Financial spread-betting company Worldspreads joined the junior market IEX this morning when its stock began trading.

The Dublin-based company, which takes wagers on the financial markets, has seen the price of its shares on the Alternative Investment Market (AIM) in London more than double since they were floated last August.

Worldspreads chief executive Conor Foley said the move was a local progression as Irish institutional and retail investors own about two-thirds of the company's shares.

“The listing on the IEX market and a quote denominated in euros is also important as it will give Worldspreads exposure to Irish and continental European investors who might wish to invest in the company’s shares in euros and so avoid any currency risk,” he said.

The company raised £5.7 million (€8.6 million) from its 47-pence-a- share flotation last year, and the shares were trading at 111pence in London at 1.55pm, valuing the company at £43.6 million (€54.7 million).

The company was set up by Mr Foley and Brian O'Neill eight years ago and has offices in London and Athens, and joint ventures in Spain, Germany, Austria, Hungary and South Africa.

The company says it has an average of more than 5,000 bets a day, compared to an average of 2,351 a day in the six months to September 30th, 2007.

Deirdre Somers, chief executive of the Irish Stock Exchange, said that for Worldspreads to list on IEX was a vote of confidence in the specialist market.

“It also highlights the opportunity that IEX provides to Irish companies with a sterling quote on AIM to enhance the liquidity in their shares through a euro-denominated trading facility on IEX.”

The listing brings to 31 the number of companies on the IEX, with a combined market capitalisation in excess of €3 billion.