HONG KONG, June 26 Casino owner Macau Legend
Development Ltd relaunched on Wednesday its Hong Kong
initial public offering, slashing the deal by more than half
because of weaker than expected demand caused by volatile global
The company, which owns the Macau Fisherman's Wharf
development, is now seeking to raise up to $360 million by
selling 934.83 million new shares, according to a supplementary
prospectus filed by the company.
The primary shares are being offered in an indicative range
of HK$2.30 to HK$2.98 each. The price range on the deal was
unchanged from the original listing plan.
That would put the IPO at up to HK$2.79 billion ($360
million), compared with up to HK$6.1 billion the company and
shareholders Lam Fong Ngo and Grand Bright had intended to raise
at first. Bookbuilding for the IPO will close on Friday with
pricing slated for July 2 and listing set for July 5.
The company had been meeting with investors and was set to
price the IPO on June 21, but decided to postpone it and
restructure the deal because of worsening global markets,
sources said last Friday.
It followed Hopewell Hong Kong Properties Ltd and
auto parts maker Mando China Holdings Ltd, controlled
by South Korea's Mando Corp, in postponing nearly
$1.84 billion of listings in Hong Kong the past month.
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 = 7.7584 Hong Kong dollars)
(Reporting by Elzio Barreto; Editing by Denny Thomas and Matt