Top price for MGM China's IPO shares
Source: Bloomberg News |
May 28, 2011, Saturday
|
Print Edition
Print Edition
MGM China Holdings Ltd, the casino venture between MGM Resorts International and Pansy Ho, has priced shares in a Hong Kong initial public offering at HK$15.34 (US$1.97) each, the top end of a range marketed to investors.
The company released the pricing in a statement to the Hong Kong stock exchange yesterday. MGM China originally offered 760 million shares at HK$12.36-HK$15.34 apiece, according to the prospectus for the sale.
All net proceeds of the IPO will go to Ho, the daughter of billionaire Stanley Ho, the prospectus showed. MGM China launched the sale after casino gambling revenue in Macau rose 58 percent last year to 188.3 billion patacas (US$23.5 billion), about four times that of the Las Vegas Strip.
Pansy Ho's stake in MGM China will decrease to 29 percent from 50 percent upon completion of the IPO, Las Vegas-based MGM Resorts said in an April 13 statement. She may exercise an over-allotment option to further reduce her interest to 26 percent, the statement said.
Ho, 48, is chairwoman and executive director of MGM China. Her 89-year-old father held a gambling monopoly in Macau for four decades before the government in 2002 allowed the entry of foreign players, including Las Vegas Sands Corp and Wynn Resorts Ltd.
Paulson & Co, the US$36 billion hedge fund founded by John Paulson, agreed to buy US$75 million of shares in MGM China's initial offering, according to the prospectus.
The company released the pricing in a statement to the Hong Kong stock exchange yesterday. MGM China originally offered 760 million shares at HK$12.36-HK$15.34 apiece, according to the prospectus for the sale.
All net proceeds of the IPO will go to Ho, the daughter of billionaire Stanley Ho, the prospectus showed. MGM China launched the sale after casino gambling revenue in Macau rose 58 percent last year to 188.3 billion patacas (US$23.5 billion), about four times that of the Las Vegas Strip.
Pansy Ho's stake in MGM China will decrease to 29 percent from 50 percent upon completion of the IPO, Las Vegas-based MGM Resorts said in an April 13 statement. She may exercise an over-allotment option to further reduce her interest to 26 percent, the statement said.
Ho, 48, is chairwoman and executive director of MGM China. Her 89-year-old father held a gambling monopoly in Macau for four decades before the government in 2002 allowed the entry of foreign players, including Las Vegas Sands Corp and Wynn Resorts Ltd.
Paulson & Co, the US$36 billion hedge fund founded by John Paulson, agreed to buy US$75 million of shares in MGM China's initial offering, according to the prospectus.
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