Investing.com – Macau’s casino operator Studio City, a division of Melco International Development Ltd (HK:0200), filed for an IPO in the U.S. and expects to raise almost $360 million.
The company plans to issue 28.75 million American depositary shares (ADS) at a range of $10.5 and $12.5 to raise between $301.88 million and $359.38 million, according to a Melco statement on Wednesday. Melco’s shares rose 1.36% to HK$14.9 on Wednesday after the announcement.
Hong Kong-based MCE Cotai, a subsidiary of Melco Resorts & Entertainment Ltd (NASDAQ:MLCO) that holds a 60% stake in Studio City, reportedly plans to acquire more than 25 million of the new ADSs, accounting for nearly 90% of the total shares offered in the IPO.