Casino operator Genting International has announced details of its IPO in Singapore.
The share sale is part of a move to switch its primary listing to the city-state from Luxembourg.
Genting announced that it had attracted 4 strategic investors, 3 of whom are linked to hotelier Ong Beng Seng.
With Genting in the running for an integrated resort licence in Singapore, that is leading to speculation that they could be joining hands for the project.
Genting International is offering 800 million shares to investors at 35 Singapore cents each in its IPO here.
All 750 million placement shares were taken up, with an oversubscription rate of about 7.5 times.
And it looks likely that the over-allotment option of 103 million additional shares will be exercised.
This will bring the IPO size to one billion shares or 21.16 percent of the company's enlarged capital.
And Genting has attracted Pontiac Land's investment arm Philean Capital, HPL Investors and 2 of hotel tycoon Mr Ong Beng Seng's investment units as strategic investors.
They entered into conditional agreements to subscribe for an aggregate of some 97 million shares.
Genting is upbeat about its chances for an integrated resort licence in Singapore.
And it says it intends to spend S$3 billion to S$4 billion on the project.
Lim Kok Thay, Executive Chairman, Genting Int'l, said: "We are quietly confident and based on the great track records we have in the past, we've done successful projects in the gaming sector previously elsewhere in Australia and so on."
"Couple with our know-how and in particular our understanding of Asian culture, we are very exciting we can put together with our strategic partners that also bring in their brand names in leisure and gaming. We believe we will be able to put together a very great project."
The company is not giving away any names but it says it has found a strategic partner for its bid for the Marina site.
It has already said earlier that it was joining hands with Universal Studios for the site at Sentosa.
Meantime Genting is going to the heartlands to market its IPO.
Mr Lim said: "We would like to have as broad a shareholding base as possible, which will offer us a liquidity. In that respect, we'll marketing them through newspaper advertisements, also maybe out in popular places such as MRT stations, shopping malls and through DBS branches."
It will use proceeds of the share sale to expand its core businesses in leisure, gaming and hospitality.
Applications for the IPO will close next Thursday and trading is expected on December 12. - CNA/ch