Sands China raised less than expected in its Hong Kong initial public offering because of investor concerns over the resurgent fortunes of its casinos in the world's largest gambling market.
The company, which operates Las Vegas Sands' three casinos in Macao, raised HK$19.4bn (US$2.5bn) – selling 1.87bn shares at HK$10.38 each – falling short of the HK$26.3bn Sheldon Adelson, the American group's chairman, had hoped for.
The sale, which saw the shares priced at the bottom end of the range, represents a 23 per cent stake in the company, which is valued at HK$83.4bn.
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