Ho adds to personal stake
Underwriters for Studio City International Holdings’ initial public offering exercised their over-allotment option, buying more than 4,312,500 additional American Depositary Shares at the IPO price of $12.50 each.
The total number of ADSs sold in the IPO was 33,062,500, reported Inside Asian Gaming. With the exercise of the option, Studio City’s proceeds from the IPO went from $359 million to more than $406 million. It received a further $2.5 million from a concurrent private placement to Melco International Development.
Meanwhile, Melco Resorts and Entertainment Chairman and CEO Lawrence Ho has increased his stake in the global gaming company by more than 3 percent, for a total of 54.6 percent.
