Shares of Wynn Macau, the Asia unit of U.S. casino giant Wynn Resorts, rose 9 percent in their trading debut, defying expectations, as Hong Kong feted its first IPO of a top global brand in years.
Wynn Macau shares opened at HK$11, compared with their Hong Kong IPO price of HK$10.08, marking the end of the IPO process for one of Asia's most anticipated offerings this year. Five traders polled by Reuters had expected shares to fall slightly below their IPO price or be flat on their debut.
The company raised $1.63 billion in the world's sixth-largest IPO so far this year.
Asia has led the recovery in IPOs with many large offerings primarily in Hong Kong and China in recent months. But already the boom has begun to show signs of fading on concerns of oversupply, rich pricings and an uncertain economic outlook.
(Reporting by Sui-Lee Wee, Editing by Doug Young and Jonathan Hopfner)