Ho's gambling group to raise IPO in Hong Kong
Macau gambling group SJM Holdings, held by gambling tycoon Stanley Ho, will raise its IPO as much as $654 million in Hong Kong stock market. SJM just launched its road show in Hong Kong Monday.
McCain Backs Israeli Reprisals in GazaThe flagship casino plans to sell 1.25 billion shares with a range of HK$3.08 and HK$4.08 each(1 HK dollars=0.13 dollars ). The offer represents 25% of SJM's enlarged share capital. SJM is scheduled to start trading on July 10.
Stanley Ho, who holds Macao government-granted monopoly since 1961, attempted his SJM to list in Hong Kong in 2006, which postponed by family members' lawsuit.
SJM has faced rising competition in local gambling business during recent years, with well-funded rivals such as Las Vegas Sands, Wynn Resorts, and Melco-PBL. The proceeds of IPO may adds SJM competition.
Macau is the only Chinese city to offer licensed gambling.
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