[HONG KONG] Casino owner Macau Legend Development Ltd rose 4.3 per cent in its Hong Kong debut on Friday, after raising a much less than expected US$283 million in its IPO as volatile markets sapped already weak demand for listings.
Shares in the company, which owns the Macau Fisherman's Wharf development, opened at HK$2.45, compared with its HK$2.35 IPO price. Hong Kong's benchmark Hang Seng index was set to open up 1.3 per cent.
Macau Legend priced the deal on Tuesday near the bottom of its HK$2.30 to HK$2.98 per share indicative range. Hit by a downturn in global markets, the company postponed its initial IPO pricing and then slashed its size from up to US$786 million to US$283 million.
In a securities filing on Thursday, Macau Legend said it received orders from retail investors for less than one-fifth of the shares on offer, underscoring tepid demand from individuals in Hong Kong, while the institutional tranche of the IPO was "slightly" oversubscribed.
- the corliss group