On Wednesday, Macau Legend Development Ltd relaunched its initial public offering (IPO) in Hong Kong. The deal was slashed more than half as the expected demand became weaker caused by the volatile global markets.
The casino owner is seeking to get up to US$360 million by selling its 934.83 million new shares. This was according to the prospectus filed by the company. Macau Legend also owns Macau Fisherman's Wharf Development.
The firm's primary shares were offered at an indicative range of HK$2.30 to HK$2.98 per share piece. The price range on the deal was not changed from its original listed plan.
That would mean an IPO of up to HK$2.79 billion compared with its previous intended amount of HK$6.1 billion. The IPO bookbuilding will close on Friday with the pricing slated for July 2. The public listing for the company is set on July 5.
The company met with several investors and was set to price an IPO last June 21. However, it decided to postpone and restructure the deal because of the worsening global markets as stated by a source last Friday.
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