No easy Wynn

9 Oct 2009 By John Foley Follow @johnsfoley

Some new issues in Hong Kong have tumbled, but shares in Steve Wynn s Asian gaming empire rose 13% in their first day s trading. But there s not much of a jackpot. The shares were priced last week, and the firstday bounce was just catching up with the peers gains since then.

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Shares in Wynn Macau, the Asian gaming business formerly part of Wynn Resorts, traded up as much as 13% on their first day of Hong Kong trading. The company raised around HK$12.6bn ($1.6bn) after deducting fees, making it the region's secondbiggest initial public offering this year, according to Dealogic. Wynn priced at HK$10.08, the top of its range. The retail investors' portion of the offer was 4.3 times oversubscribed.

Recent initial public offerings in Hong Kong have given a mixed performance on their first days of trading. Ausnutria, China Vanadium and Yingde Gases all rose on their market debuts on October 8 – by 28%, 12% and 5% respectively. Others stocks have fallen upon listing. Metallurgical Corporation of China fell 11.7% on its first day. Peak Sports Products and Glorious Property fell 17% and 14.6% respectively.

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