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e-district in pre-float bonanza
Raises an extra £10m in run up to listing
Two weeks ago, e-district.net, owner of the Leisure District Web site, told The Register it wanted to raise £15-20 million in an AIM float, capitalising it at more than £100 million.
We're not impressed with the leisuredistrict.net entertainment/community site, but hey, what do we know: yesterday, the 12-man outfit placed £29.3 million through an institutional placing prior to its AIM debut. This values the e-district.net at an astonishing £149.7 million. Dealing kicks off on 7 March. Then, we should see another big ramp.
The company, which claims to have "not spent a penny on advertising" for leisuredistrict, had one million active users and 100 million page impressions in January, according to e-district founder and CEO Steve Laitman. The Hendon-based venture made just £81,000 profit for the ten months to December 1999. ®