As recently mentioned in the New York Times, the joint deal between MGM Resorts International and Pansy Ho, daughter of Hong Kong casino mogul Stanley Ho and chairwoman of MGM China, hit $1.5 billion in it’s first public offering. Shares of MGM China will be priced at $15.34 (HKD), $1.97 USD. Based on it’s total proceeds of $1.5 billion, MGM China’s market debut will be the biggest in Hong Kong this year. Even with the continuously growing HKSE, this deal will outshine the growth by increase the city’s stock exchange 215 percent more than the total raised at this time last year. Last year Hong Kong ranked as the number one market for IPO’s, with 17 billion dollars more than the NYSE. Though most of this can be attested to home based companies, many non-Asian companies are finding Hong Kong as a hub for activity and growth. Samsonite, Prada, and Resourcehouse are just a few of the companies expected to debut in the Hong Kong market. It can be expected that this trend will continue, to read more regarding the growth in Hong Kong’s IPOs click here
. Pansy Ho will be lowering her current 50 percent stake in the company as a part of the deal. As a result of this transaction, Ho will emerge as one of the wealthiest people in China. MGM Resorts International was represented by Weil, Gotshal & Manges and ended up with 51% of MGM China. JP Morgan, Bank of America Merrill Lynch and Morgan Stanley are the joint global coordinators for this IPO. The transaction was led by partner Henry Ong and Akiki Mikumo. The underwriters of this transaction were advised by Freshfields Bruckhaus Deringer.