Macau Legend raises $283 million from downsized IPO

Hotel and casino operator Macau Legend Development has raised HK$2.2 billion $283 million from its downsized initial public offering after fixing the price slightly above the bottom of the range at HK$2.35.

The price, which was confirmed by sources, came as a bit of a surprise given that the company had reduced the number of shares on offer by 54% after failing to attract sufficient demand during the initial bookbuilding period.

In order not to have to re-do the retail offering, the price range was kept unchanged when the smaller deal was re-launched on June 26, however, and it was generally assumed that the company...