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MGM China To Raise $1.5B In IPO

MGM China Holdings is planning to raise $1.5 billion in an initial public offering.

MGM China Holdings is planning to raise $1.5 billion in an initial public offering (IPO), The Wall Street Journal reports. The Casino operator aims to sell a total of 760 million shares at $1.59-1.97 per unit.

The joint venture between MGM Resorts International and Pansy Ho, daughter of Macau gambling tycoon Stanley Ho, will list its offering on the Hong Kong stock exchange on Jun 3, 2011. JP Morgan Chase, Bank of America Merrill Lynch and Morgan Stanley are the joint sponsors for the offering.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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