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Demand for Melco PBL IPO strong

MACAU – As reported by the Shanghai Daily: "MELCO PBL Entertainment, a developer of casinos and resorts in Macau, yesterday priced its initial public offering on the Nasdaq Global Market at US$19 per share, more than expected due to strong demand.

"The company, a joint venture between Australia's Publishing & Broadcasting Ltd and Hong Kong-based Melco International Development Ltd, had initially targeted a price range of US$16-US$18 per share.

"Melco PBL said it has increased its offering to 60.3 million shares from the initial 53 million. The company is expected to raise US$1.15 billion from the sale…"

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