Sands China raises $2.5 billion after pricing IPO at bottom

Sands China, the Macau casino business owned by Las Vegas Sands LVS, has priced its initial public offering at the bottom of the price range for a total deal size of HK$19.41 billion $2.5 billion. The pricing came on the back of a week during which rival casino operator Wynn Macau, which listed in Hong Kong in early October, traded steadily lower, but despite that, sources said the Sands China order book built well and was covered by the middle of last week. It was by no means a blowout though when it closed on Friday, the deal was subscribed twice over and had attracted a couple of hundred institutional investors.

While...