World Poker Tour IPO

[midas]

Catch the Wave

World Poker Tour files $28 million IPO

World Poker Tour on Thursday filed a $28 million initial public offering under the name WPT Enterprises Inc., with plans to trade on the Nasdaq under the ticker symbol, "WPTE."

The West Hollywood, Calif.-based company, which holds popular WPT Tour events on cable TV's Travel Channel, plans to offer 4 million shares at $5 to $7 each with underwriter Feltl & Co.

Founded in March, 2002, the company reported 2003 revenue of $4.3 million and a net loss of $493,000.

Originated by Steven Lipscomb, the World Poker Tour has gained a strong TV following amid the overall popularity of reality TV programming.

However, competition abounds with poker matches drawing coverage on ESPN (DIS: news, chart, profile) and Bravo (GE: news, chart, profile).

Lipscomb, 42, now CEO of WPT Enterprises, formerly produced and directed "On the Inside of The World Series of Poker" for the Discovery Channel in 1999.

He also filmed the "2001 Tournament of Champions of Poker" before going on to create and produce "Cruisin' to a Million" for the Travel Channel, a television program showcasing a million-dollar poker tournament on a cruise ship in the Mexican Riviera.

Lipscomb receives a $500,000 salary with the company, and 600,000 stock options. He also owns about 16 percent of the company and will hold onto about 12.7 percent after the IPO.