Trading in online games firm starts

TRADING IN the online computer games company, gameplay.com, starts on the Alternative Investment Market this morning, in Britain's latest Internet flotation. The company has raised pounds 31m, up from an initial pounds 21m because of the strength of demand for its shares, and is valued at around pounds 54m at its placing price of 135p.

The placing accounts for 57.9 per cent of the share capital, and the company's executive directors hold 29.9 per cent. gameplay.com was created through the acquisition of a leading UK direct-to-home games supplier and Wireplay, a BT games business. BT will supply its network services.

It has signed agreements with Future Network for the sale of games to visitors to the website and with Open Interactive for the development and marketing of a gameplay.com interactive digital TV channel.