Sands China Raises $2.5 Billion
Sand China Ltd, the Macau unit of Las Vegas Sands Corp (LVS: 15.54 0.00%), successfully raised $2.5 billion with its initial public offering on the Hong Kong Stock Exchange.
The gaming company sold 1.87 billion shares at $10.38HK. While on the lower end of the range, anticipated to be between $10.38HK and $13.88HK, Sands China could be valued at $10.8 billion.
The IPO allows the Las Vegas based casino operator to increase profit from its properties in the world’s largest gambling hub.
Earlier this month the company announced that it was able to secure financing for $1.45 billion. The combination of funds will allow Sands to restart construction on parcel 5 and 6 of the Cotai Strip. The project was stalled in November 2008 after the credit market froze and revenue growth slowed due to the global economic downturn. The casino and resorts are scheduled to be open mid to late 2011.
Sands China’s Hong Kong trading debut is set for November 30.
In the U.S. Market, LVS closed this week at $16.35 a share. The stocks high for the week was $18.50 on Wednesday and a low of $16.16 in early morning trade on Friday.
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