Studio City details US IPO terms
The Macau-based company has announced terms for its IPO in the United States.
US.- Studio City International Holdings, the Hong Kong-based entertainment resort and casino company, has announced this week the terms for its initial public offering (IPO) in the United States. The IPO is expected to price during the week of October 15.
The company is planning to raise US$331 million by offering 28.8 million ADSs at a price range of $10.50 to $12.50. Insiders are planning to purchase up to 89% of the IPO, and at midpoint of the proposed range the company would command a fully diluted market value of US$854 million, Renaissance Capital reported.
The casino is 60 per cent owned by Melco Resorts, while the remaining 40 per cent is owned by New Cotai, a privately owned investment firm. Melco Resorts is half-owned by Melco International, which revealed last year its intentions to shift the 40 per cent as part of the IPO. Studio City plans to list on the NYSE under the symbol MSC. Deutsche Bank, Credit Suisse and Morgan Stanley are the joint bookrunners on the deal.
