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Macau Legend rises 4.3 pct in Hong Kong debut after weak IPO
July 5, 2013 / 1:36 AM / 4 years ago

Macau Legend rises 4.3 pct in Hong Kong debut after weak IPO

HONG KONG, July 5 (Reuters) - Casino owner Macau Legend Development Ltd rose 4.3 percent in its Hong Kong debut on Friday, after raising a much less than expected $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 percent.

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 $786 million to $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.

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. (Reporting by Elzio Barreto and Denny Thomas; Editing by Edwina Gibbs)

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