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Asian gaming operator goes public

Asian gaming operator goes public

David Ryan, DLA Piper

A Hong Kong-based casino and gaming operator has launched an IPO and listed on the ASX with advice from a global firm’s Sydney-based team.

Firm: DLA Piper (Silver Heritage Group Limited)

Deal: Silver Heritage Group made an IPO, listed on the ASX and financed its debt.

Value: $80 million market capitalisation

Area: IPO

Key players: The DLA Piper IPO team was led by Sydney partners David Ryan (pictured left) and Catherine Merity (pictured right), with assistance from senior associates Kelly Morrison, Elliott Cheung and Rosamond Sayer and lawyer Harriet Johnston. The bond team was led by Hong Kong partner Jonathan Leitch, assisted by senior associate Andrew Nicholls.

Deal significance: Silver Heritage Group Limited (Silver Heritage), which is headquartered in Hong Kong, was founded in 2003 and currently operates and manages casinos and gaming assets in Nepal, Vietnam, Laos and Cambodia.

Silver Heritage Group Limited has made an initial public offering (IPO), listed on the ASX and made an associated US$20 million bond issue to investment fund manager OCP Asia.

The indicative market capitalisation of the company on completion of the offer is expected to be around AU$80 million.

The funds raised through the IPO and bond issue will be used to fund the expansion of the company's projects, in particular the development of its first five-star casino resort near the India-Nepal border.

“DLA Piper is delighted to have advised Silver Heritage Group on their initial public offering and this next phase of their growth strategy and further expansion in the world's largest gaming market,” lead partner David Ryan said.

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