HONG KONG, July 2 Casino owner Macau Legend Development Ltd priced its Hong Kong initial public offering near the bottom of expectations, after slashing the deal by more than half to cope with reduced appetite for new listings in the city, a source with direct knowledge of the IPO said on Tuesday.
The company, which owns the Macau Fisherman's Wharf development, offered 934.83 million new shares that were priced at HK$2.35 each, putting the deal's value at HK$2.2 billion ($283 million). The source declined to be named because details of the IPO were not yet publicly available.
The company had been meeting with investors and was set to price the IPO on June 21, but postponed it and reduced the size because of worsening global markets.
CLSA and Citic Securities Co Ltd , were hired as joint global coordinators, with Credit Suisse Group AG also acting as a joint bookrunner of the IPO. ($1 = 7.7554 Hong Kong dollars) (Reporting by Elzio Barreto; Editing by Jeremy Laurence)