PartyGaming IPO Boosting Other Poker Companies

PartyGaming may have grabbed the headlines with the announcement last week of its impending IPO, but that doesn’t mean other poker-related companies are complaining. Shares of poker software maker, CryptoLogic, hit a five-year high Tuesday, after an analyst predicted PartyGaming’s IPO would help other poker firms.

In a note to clients, Paradigm Capital stated, “We believe a successful flotation of PartyGaming could help raise investor awareness of all online gambling related companies, including CryptoLogic.”

CryptoLogic shares (CRYP) rose to $36.81 on Nasdaq before actually closing down $1.37. The shares saw a similar rise and fall on the Toronto Stock Exchange.