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Gaming group Las Vegas Sands seeks up to 2bn in a Hong Kong share listing

Gaming company Las Vegas Sands is set to raise up to HK$25.95bn (&pound;2bn) through an initial public offering of shares in its Macau business, according to sources with direct knowledge of the IPO.<br /><br />The company is selling 1.87bn shares at HK$10.38 to HK$13.88 (80p -108p) per share, the sources said. The range gives an earnings price multiple of 13.5 to 16.5 times the business&rsquo; 2010 projected earnings, they said. <br /><br />Citigroup and Goldman Sachs are the joint global coordinators for the offer. The banks are also bookrunners for the deal, along with BNP Paribas and Barclays and UBS.<br /><br />The Nevada-based group, operator of the Venetian Resort in Las Vegas, is seeking to list its Macau division on the Hong Kong Stock Exchange to boost the value of the company&rsquo;s overall business.<br /><br />The gaming and casino company run by Sheldon Adelson has struggled with a heavy debt load, and is looking to seize on an opportunity to have a publicly traded division in Hong Kong at a time when the IPO window is open.