Studio City Underwriters Exercise Over-allotment Option

Sat, Nov 24, 2018

Underwriters who handled Studio City International Holdings’ IPO exercised their over-allotment option, buying more than 4.3 million additional American Depositary Shares for $12.50 each.

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.

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