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Sands China IPO Raises $2.4B

LAS VEGAS-Las Vegas Sands Corp. ends up pricing the shares at the bottom of the expected range. Sands China Ltd. will list on the Hong Kong stock exchange on Nov. 30.

By Brian K. Miller | Updated on November 23, 2009

LAS VEGAS-Sands China Ltd., the Macau operations of Las Vegas Sands Corp. raised approximately $2.4 billion over the weekend through an initial public offering in Hong Kong, according to a Monday SEC filing. The 1.87-billion- to 2.06-billion-share offering was priced at the bottom of its expected range of $1.34-$1.79 per share; Las Vegas Sands said it is assuming the over-allotment options will not be exercised.

A sell-out at the top end of the range would have generated $1.28 billion in additional proceeds. Enthusiasm in the offering is believed to have been tempered by the fact that the rival Wynn Macau is currently trading at 7% below its recent IPO price. Sands China will list on the Hong Kong stock exchange on Nov. 30.

Las Vegas Sands will use the proceeds, along with at least an additional $1.45 billion in recently committed bank financing for Sands China, to restart its Cotai Strip project in Macau, the only place in China where gambling is legal. The city is a one-hour ferry ride from Hong Kong.

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