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Melco Casino IPO Opens Strongly

Shares of casino operator Melco PBL Entertainment shot up a day after raising more than $1.14 billion with a U.S. initial public offering that was priced above range.

On Monday, the 60.25 million American depositary share (ADS) offering, which was increased from 53 million ADSs, sold for $19 per share compared with a $16 to $18 forecast.

Each ADS represents three ordinary shares.

Melco International Development and Australian media group Publishing and Broadcasting formed the 50-50 joint venture last year to carry out gaming, entertainment and hospitality businesses in China and the Asia Pacific region.

Underwriters led by Credit Suisse, Citigroup and UBS Investment Bank have the option to purchase more than 9 million ADSs to cover over-allotments, according to the underwriter.

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