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SYDNEY - Macau Casino operator Melco PBL Entertainment (Macau) Ltd raised an additional US$160 ($231) million after underwriters to the Nasdaq initial public offer exercised the over-allotment option, Publishing and Broadcasting Ltd. said in a statement today.
Melco PBL Entertainment is a joint venture between Melco International Development Ltd and PBL, which listed in December.
Melco PBL Entertainment sold an additional 9.03 million American Depositary Shares (ADSs) to the underwriters at US$19 each, less the underwriting commission to cover over-allotments.
The initial offer was sold at US$19 each.
The shares soared as much as 32 per cent in their trading debut following the IPO which raised more than US$1.14 ($1.67) billion after increasing the offer size.
The joint venture, run by the sons of Australian media magnate Kerry Packer and Macau casino tycoon Stanley Ho, plans to spend net proceeds on three gaming sites in Macau -- the only place in gambling-mad China where casinos are legal.
Melco PBL Entertainment currently owns six Mocha Clubs in Macau with about 1,000 slot machines. The Nasdaq-listed shares slipped 0.7 per cent to end at US$19.87 ($29.11) yesterday.
- REUTERS
