Melco PBL Had SuccesFul US$1.15 Billion Listing

Written on December 19, 2006 by admin

News just come through that Melco PBL had a successful Nasdaq listing.

Melco PBL Entertainment, a developer of casinos and resorts in Macau, said Tuesday it has priced its initial public offering on the Nasdaq Global Market at US$19 per share, stronger than initial guidance due to strong demand.

The company, a joint venture between between Australia’s Publishing & Broadcasting Ltd. and Hong Kong-based Melco International Development Ltd., had initially targeted a price range of US$16-US$18 per share.

Melco PBL said in a statement that it has increased its offering to 60.3 million American depositary shares from the initial 53 million shares. The company is expected to raise a total of US$1.15 billion from the sale.

Melco PBL’s underwriters are granted the option to buy up to an extra 9 million shares to cover potential over-allotments, the statement said.

Shares of Melco PBL will begin trading Tuesday on the Nasdaq Global Market under the symbol “MPEL.”

Source | Associated Press

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