The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

ISLAND Luck's Sebas Bastian yesterday said an initial public offering (IPO) of shares in the web shop operator remains in progress, with a formal announcement likely imminent.

Mr Bastian, when asked if his long-promised IPO will go ahead, replied:

"It is. The next time I speak about it it's going to be with a formal announcement, which I anticipate to be very soon. I don't want to comment any further right now." Mr Bastian, who was responding to questions at a press conference to announce this year's OWN Bahamas entrepreneurial grant initiative, had foreshadowed his IPO intention as far back as 2013 during the run-up to the controversial gaming referendum.

He said at the time that once the industry was legalised and regulated, which it ultimately was, he would do everything in his power to ensure a gaming industry initial public offering (IPO) became a reality. In an interview with Tribune Business, Mr Bastian said he would be willing to offer as much as a 49 per cent stake in Island Luck.

Keith Davies, the Bahamas International Securities Exchange's (BISX) chief executive, yesterday declined to comment directly on Island Luck, but said the exchange had received no recent IPO submissions from any company.

Mr Bastian, meanwhile, said the gaming industry is working to mitigate any "vices" the sector may cause."We have the data and we're using it to better tailor our approach to the community in a way that everyone is protected; the patrons, operators and regulators," he added. "We will continue to work with the stakeholders and regulators to ensure that everyone is protected."