Sands China IPO Falls In Hong Kong Debut
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Las Vegas Sands Corp.'s (NYSE: LVS) Macau unit, Sands China Ltd., fell 10% during its first day of trading in Hong Kong after raising $2.5 billion in an IPO.
The shares closed at HK$9.32, after pricing at HK$10.38. Shares traded as low as HK$8.78.
Sands China, which originally sought to raise more than $3.3 billion, will use the proceeds toward paying down its massive debts and about $500 million will be used to resume work on casino projects.
In response to the stock's initial performance, Sands Chairman Sheldon Adelson said "we're not in business for 10 minutes, we're in business for decades."
The shares closed at HK$9.32, after pricing at HK$10.38. Shares traded as low as HK$8.78.
Sands China, which originally sought to raise more than $3.3 billion, will use the proceeds toward paying down its massive debts and about $500 million will be used to resume work on casino projects.
In response to the stock's initial performance, Sands Chairman Sheldon Adelson said "we're not in business for 10 minutes, we're in business for decades."
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