Macau hotel and casino owner Studio City International Holdings Limited saw much investor interest in its stock’s first day trading at the New York Stock Exchange.

Setting a $12.50 initial public offering (IPO) price for each of its American depositary shares (ADSs), each of which correspond to four of its Class A ordinary shares, the Studio City stock, with ticker ‘MSC,’ soon saw upward movement, going as high as $18.49 a share, before closing at $15.50, a 24% increase. Trading volume was about 1.6 million shares.

According to a filing at the Hong Kong stock exchange by parent company Melco International Development Limited, a total number of 28.75 million ADSs was issued, making for $359.4 million raised from the IPO. With the offering, Melco Resorts and Entertainment Limited, through wholly-owned subsidiary MCE Cotai Investments Limited, now has a 57.3% stake in Studio City, still remaining a majority shareholder.

According to Melco International, MCE Cotai had agreed to purchase 15,330,000 ADSs, while affiliates of New Cotai, which had held the remaining Studio City shares, were to purchase 10,220,000 ADSs, which combined represent approximately 88.9% of the total shares offered.