Studio City International Holdings, a Macau-based entertainment resort and casino being spun out of Melco International, announced terms for its IPO on Tuesday.
The Hong Kong-based company plans to raise $331 million by offering 28.8 million ADSs at a price range of $10.50 to $12.50. Insiders intend to purchase up to 89% of the IPO. At the midpoint of the proposed range, Studio City International Holdings would command a fully diluted market value of $854 million.
Studio City International Holdings was founded in 2015 and booked $568 million in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol MSC. Deutsche Bank, Credit Suisse and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of October 15, 2018.
