Wynn IPO shows retail investors growing sceptical of new listings

Wynn Macau, the Macau arm of the casino business owned by Las Vegas gaming magnate Stephen Wynn, has priced its initial public offering at the top of the indicated range after strong demand from global institutional investors. This pushed the total deal size to HK$12.6 billion $1.63 billion, making it the second largest IPO in Hong Kong this year after the $2.35 billion H-share portion of Metallurgical Corporation of China's dual offering in Shanghai and Hong Kong.

Retail investors were less willing to take a gamble on the casino operator, however, with sources confirming that the demand wasn't strong enough to trigger a clawback. The exact level of demand wasn't disclosed, but with...