Studio City International Holdings has raised US$359 million in its US initial public offering (IPO), pricing its shares at the top of the Macau casino and resort company’s targeted range. Studio City sold 28.75 million American depositary shares for US$12.50 each on Wednesday after pricing them at US$10.50-12.50, according to data compiled by Bloomberg. The listing may provide a lift for Macau’s gaming industry, which has been beset by increased government scrutiny, potential economic fallout of China-US trade tensions and, in September, Typhoon Mangkhut. An index of six Macau gaming companies has fallen 29 per cent this year. Las Vegas Sands, the biggest gaming company on US exchanges, has fallen more than 17 per cent, while second-ranked MGM Resorts International is down 16 per cent and Wynn Resorts has plunged 30 per cent. The Studio City casino in Macau has 250 gaming tables and about 970 machines, as well as VIP gambling facilities, a hotel, family entertainment centre, nightclub and 5,000-seat arena, according to the company’s IPO filing with the US Securities and Exchange Commission. The company lost US$15 million on revenue of US$282 million in the first half of the year, compared with a loss of US$47 million on revenue of US$254 million for the first six months of 2017, according to the filing. Melco applies to list its Macau-based Studio City’s shares in New York The public listing will be accompanied by a private placement to Melco International, an affiliate of the company that operates Studio City. The American depositary shares will represent four ordinary class A shares, according to the filing. After the IPO, Melco Resorts, through another entity, will control at least 50.1 per cent of the shareholder voting interest of Studio City. The offering was led by Deutsche Bank, Credit Suisse and Morgan Stanley. The shares are expected to begin trading on Thursday on the New York Stock Exchange under the symbol MSC.