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Sands China Ltd. and its parent Las Vegas Sands Corp., the casino company controlled by billionaire Sheldon Adelson, raised HK$19.4 billion ($2.5 billion) in a Hong Kong share sale conducted at the low end of the offered range. A total of 1.87 billion shares were sold at HK$10.38 each, compared with the HK$10.38 to HK$13.88 range that the company had sought, according to Bloomberg data. The sale values Sands China at HK$83.4 billion ($10.8 billion), based on calculations by Bloomberg using information from the prospectus.
Sands China raises $2.5 billion in Hong Kong IPO
(via Bloomberg News) · November 21, 2009 · 11:21 AM
Discussion: 2 comments so far...
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Great news for Sands! Hopefully they can convert some extra cash in their coffers into some debt payments.
I thought the IPO was meant to be a week after. Would be nice to find out what companies got their allotment. Anyway, I believe that the stocks will correct a bit and be valued a bit lower in the next weeks, just like Wynn Macau stocks did. Las Vegas Sands is totally overpriced with a P/E of approx 36 to 38 based on rough estimates on 2010 earnings. That is approx 2x as much than all other gaming stocks. Even Boyd Gaming after its missed taked-over offer of Station Casinos is valued at a much better price. And so is Wynn and MGM Mirage. Therefore I can't give my personal OK to buy this stock at this time. Good luck to all investors, anyway.
From Switzerland