Cashcade, the online gambling operator in which Independent News has a 20 per cent stake, is considering a £100 million (€135 million) stock market plunge.

Cashcade operates bingo and other online games for groups such as Trinity Mirror and the Daily Mail, and owns the Foxybingo and Getminted sites.

The London-based group expects gross gaming revenues of £40 million this year.

Its chairman, Michael Buckley, said yesterday it had to look at fundraising options over the next year. He told financial news agency Bloomberg it might sell shares to an investor or consider an initial public offering on the stock market, with the aim of raising £100 million. "I think it's the right time for us to be looking at one of those options," Mr Buckley said. "We are on a bit of a roll, which makes it attractive."

Independent News and Media bought a 20.8 per cent stake in the company in 2006 through its subsidiary, Independent Digital.

Cashcade's management owns 32 per cent, while London property developer Mountgrange owns 18 per cent.The group has about 800,000 customers and targets women aged over 24.