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Gambling Operator Palasino Holdings Launches IPO in Hong Kong

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Palasino Holdings Ltd, a European gaming and hospitality company, and a subsidiary of Far East Consortium International Ltd, has revealed plans for an initial public offering (IPO) in Hong Kong. The company, which operates casinos in several European countries, made the announcement today, with trading expected to start within a couple of weeks.

Over $41 Million Possible

Palasino aims to offer almost 143 million shares globally, consisting of both new and existing shares. The prospectus, included in today's release, indicated that 10% of the shares would be offered to the Hong Kong public.

Palasino anticipates net proceeds of around HKD323.4 million (US$41.4 million) from the global offering, after accounting for commissions and other expenses. This figure is based on a pre-IPO price of HKD2.60 (US$0.33) per share.

The company currently operates three casinos in the Czech Republic. These primarily attract players from nearby Austria and Germany. Additionally, Palasino Holdings manages a trio of hotels in Germany and another in Austria.

Furthermore, Palasino Holdings holds a license from the Malta Gaming Authority, permitting it to operate online gaming activities from that jurisdiction.

The decision to separately list Palasino on the Hong Kong Stock Exchange, according to Far East, is aimed at providing a distinct fundraising platform for the subsidiary and enhancing its "operational and financial transparency," according to the filing.

IPO Now Live

The IPO was launched Monday morning as soon as the Hong Kong Stock Exchange opened, and is set to conclude at noon on March 21. Palasino anticipates trading to commence on the exchange five days later, subject to the offering becoming unconditional by 8 am Hong Kong time on the same day.

According to the prospectus, a significant portion of the net proceeds – approximately HKD194.1 million (US$24.82 million) – will be allocated towards maintaining and strengthening Palasino's properties in the Czech Republic. It could also include expanding its gaming operations in the region or expanding into additional markets through acquisitions or applying for new gaming licenses. However, around HKD129.3 million (US$16.53 million) will be designated for general working capital.

Based on the offer price and number of shares available, Palasino's market capitalization is estimated to be around HKD2.08 billion (US$266 million).

Upon completion of the global offering, Far East Consortium, which is building an integrated resort in Australia with Star Entertainment, will hold approximately 73.21% of Palasino's total issued share capital, assuming the over-allotment option is not exercised. This will be established through an unidentified wholly-owned subsidiary.

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