Lasseters' IPO strikes three but not out

Australian gamer Lasseters has extended its initial public offering by another six months, and further reductions in sought capital seem likely, according to CEO Peter Bridge.

The IPO, now scheduled for the fourth quarter, will be the fourth attempt from the gaming organisation to list on the Australian Stock Exchange.

Lasseters, which has an online presence as well as a four-and-a-half star hotel casino in Alice Springs, first attempted to list in April this year, but the company has admitted its IPO plans have been repeatedly thwarted by volatile stock market movement.

Bridge said Lasseters expected to lower the amount of sought capital for the latest IPO attempt, although he was reluctant to speculate on any revised figures. "We will assess that when the time comes," he said.

The offering will represent the second reduction in capital since Lasseters first attempted to raise $40 million from its first IPO attempt. That amount was lowered to $30 million for the company's third attempt in May.

Bridge said the gaming organisation would not consider cancelling the IPO.

Nor did he think Lasseters' share market popularity would be challenged by investor doubts likely to arise in the wake of a federal online gaming moratorium. He believes that restrictions on new online gamers brought about by the moratorium will only succeed in boosting his company's market share.

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