Macau Legend re-launches IPO at half the size

Macau Legend Development, which postponed its initial public offering on Friday last week amid a shortage of demand, is re-launching the deal today after reducing the size by more than half.

The hotel and casino operator, which is controlled by business entrepreneur and former Macau legislator David Chow, and operates three casinos in Macau under a service agreement with Stanley Ho-controlled SJM Holdings, is now looking to sell 15% of its enlarged share capital compared to 29% before.

As indicated in our story on June 24, the price range has been left unchanged, which means the company could raise between HK$2.15 billion and HK$2.79 billion...