Tattersalls float for the privileged

The planned float of Victorian-based gaming group Tattersalls is likely to result in a company with a market capitalisation of $2 billion, but with few opportunities for new investors to buy shares before the listing. Tattersalls is expected to issue 100 million new shares at about $3 each, with lean pickings for retail investors. The availability of shares will depend on how many shares the 2,500 beneficiaries are prepared to sell into the float. Beneficiaries are expected to retain ownership of 81 per cent of the listed entity, with staff holding about 5 per cent and the balance going to new institutional investors and a handful of retail investors.