Melco PBL Nasdaq IPO Details

Written on December 18, 2006 by a2zMacau

Melco PBL has filed to sell 53 million shares at US$16 to $18 each in an Intial Public Offering on the Nasdaq Global Market. This means that they should based on $17 per share raise about US$835 million. The ticker symbol will be ‘MPBL’

Melco PBL has said in their filing with the U.S. Securities and Exchange Commission, that they have granted their underwriters the option to buy an additional 8 million shares to cover potential over-allotments.

Melco PBL said it plans to use $514 million to repay principal and accrued interest on the subconcession facility. The balance is to be used pay development costs of the Crown Macau and City of Dreams; for site acquisition and development costs of the Macau Peninsula project; to fund working capital and for other general corporate purposes.

For the nine months ended Sept. 30, Melco reported a loss of $20.5 million on sales of $18.2 million. This is a bit confusing, as this means that the Mocha Clubs must have lost US$39 million. Stanley Ho just sold a 4.3% stake for US$130 million, this makes Melco worth about US$2.6 billion, and that on a turn-over of about US$25 million per year.