Studio City announces the launch of an IPO of 28.75M ADS, each representing four Class A ordinary shares with the price range of $10.50 - $12.50 per ADS.
Underwriters have a 30-day option to purchase up to an additional 4.312M ADSs.
Net proceeds from the offering will be used to acquire newly-issued shares of its subsidiary, MSC Cotai. In turn, MSC Cotai expects to apply the net proceeds it receives for the repayment of certain existing indebtedness.
Melco Resorts & Entertainment (NASDAQ:MLCO) owns majority, and operates Studio City, a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau.
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