Shares in PartyGaming, the online gambling firm preparing to float, today slipped below the bottom of their indicative range in unofficial grey market trading. It suggests the offer, being run by Dresdner Kleinwort Wasserstein, will price at the bottom when trading starts on Monday.

The deal, which is DrKW's biggest UK float since Orange in 2001, has an indicative bookbuilding range of 111p to 127p. This is already 23% lower than initial expectations after a cut following consultation with 200 institutions, according to a source close to the deal.