Melco International Development Ltd.'s entertainment, retail, and gaming resort Studio City International Holdings Ltd. filed a registration statement with the U.S. SEC to raise up to $115 million in an initial public offering of its common stock.
The Melco unit, which applied to list under the symbol MSC, did not disclose the number of American depositary shares to be issued in the offering.
Melco Resorts & Entertainment Ltd., a unit of Melco International, owns 60% of Studio City. Melco Resorts is expected to remain as Studio City's majority shareholder on closing of the IPO.
Studio City recorded $539.8 million in total revenue in 2017. Most recently, the casino posted $282.2 million in total revenue in the six months ended June 30, up from $253.9 million in the six months ended June 30, 2017.
Net proceeds from Studio City's IPO will be used to acquire newly-issued shares of Studio City's subsidiary MSC Cotai Ltd., which in turn plans to use the net proceeds it receives to repay certain debts and for working capital and other general corporate purposes.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. International PLC are serving as underwriters for the IPO.