Games ’R’ Us launches float

WA-BASED computer games retailer Games ’R’ Us Australia has launched a public share offer to raise $3.5 million to fund the next stage of its expansion program.

The float is expected to give the company a market capitalisation of $10.7 million and a price to earning ratio of eight, based on projected 2001 earnings of $1.3 million.

A portion of the float will be directed towards setting up a facility to allow the company to sell through its web site.

GRU founder and CEO Mathew Edwards said the business lent itself to Internet delivery as games players were computer literate and familiar with communicating online.

“Products can also be graphically illustrated on the web – in some cases even trialled – which adds to the ease and enjoyment of people purchasing through this medium,” Mr Edwards said.

He believes computer games are set to surpass the music industry in wholesale dollars within two years.

The company plans to expand its franchising operations. GRU owns 10 of the 18 stores it operates in five States and Territories.

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