Macau Legend raises $283 million from downsized IPO

The hotel and casino operator surprises by fixing the price above the bottom of the range. Meanwhile, New Century Reit has reduced its IPO by close to 60% and is now seeking to raise $87 million.
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Macau
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<div style="text-align: left;"> Macau </div>

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...

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