Red Rock Resorts Inc raised $531.4 million in its initial public offering on Tuesday, as the US stock market becomes more welcoming for new flotations following months of volatility that grounded several IPO hopefuls. Red Rock is the sixth company to go public in the United States in April, after three months of only small biotechnology IPOs. Market jitters and poor post-IPO share performances had scared investors away from buying into any sizable offerings.
Red Rock priced 27.25 million shares at $19.50, the middle of its previously indicated $18 to $21 range, according to a statement. Red Rock, which operates resorts and casinos such as Red Rock, Green Valley Ranch and Palace Station, is the second gaming company to go public this year. Earlier this month, real estate investment trust MGM Growth Properties LLC raised $1.05 billion in its initial public offering.
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