Wynn Raises $1.6B in Hong Kong IPO
HONG KONG (
) --
Wynn Resorts'
(WYNN) - Get Report
$1.6 billion initial public offering of its Macau operations was priced at the high end of its indicated range.
The U.S. casino company is selling 1.25 billion shares, or a 25% stake in the Macau business, for HK$10.08 a share, the upper end of a price range of HK$8.52 to HK$10.08.
Wynn originally was expected to sell a 20% stake in the Macau operations for $1 billion but raised the size of the offering because of outstanding demand.
Interest from institutional investors was over 20 times covered,
Dow Jones Newswires
reports, citing a person familiar with the situation.
Wynn Macau is expected to be listed on the Hong Kong Stock Exchange on Oct. 9.
Las Vegas Sands
(LVS) - Get Report
, a rival gaming company, also is planning a public offering of about $1 billion in Hong Kong.
-- Reported by Joseph Woelfel in New York
.
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