Macau Legend postpones $607 million IPO as markets remain challenging

Hotel and casino operator Macau Legend Development on Friday postponed its initial public offering of at least HK$4.71 billion $607 million after failing to attract sufficient demand by the time the order books closed at 8am Hong Kong time that morning.

The bookbuilding coincided with a sell-off in global equity markets and poor trading debuts for a number of other market newcomers, which made investors hold off on deciding whether to submit an order or not. And when the Hong Kong market fell 3.9% in the final two days and the Dow Jones Index dropped 3.6% on Wednesday and Thursday after Ben Bernanke said the Federal Reserve may start...