Caesars Entertainment finally went public at approximately 10:25am ET at $9.06, just above the initial price of $9. At 10:44, the stock was halted — at $12.86 — because it tripped the single stock circuit breaker.
Resumed trading at 10:49am ET. High trade as of this writing: $13.96.
By 11am ET, it had traded 3 million shares, 166 percent of its initial offer of 1.8 million shares. That means many shares have already been bought and sold several times in the first half hour of trading.
As we have noted many times, private holders of the company can sell approximately 12 million additional shares at any time, and an additional 12 million shares in the next six months.
In addition, there is an additional $1.25 billion bond offering the company is floating for today.
The gaming giant was originally slated to price Monday; however, it was delayed a day after the SEC asked for more disclosure about the company's plan for additional stock sales by some investors.
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