Macau Legend Development Ltd stocks climbed 6.8 percent on the first day of trading. The rise of stock value came after the company slashed the size of their share sale in half. The goal for the IPO was to raise HK$2.19 billion or an estimated US$282 million.
Macau Legend said in June that it plans to offer 934.8 million worth of shares in an initial public offering (IPO). This number is lower than what was previously announced which 205 billion worth of shares. Price of stocks were at HK$2.35 apiece which is near the low end of HK$2.30 to HK$2.98 per share.
Michael Ting of CIMB Securities commented, "I think the company did a good job in terms of pricing it at a more attractive level. Whether this price level can sustain is probably too early to tell right now."
Macau Legend Development Ltd. is the casino firm that is backed by David Chow, a former Macau lawmaker.
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