Sociedade de Jogos de Macau SJM, the largest casino operator in Macau, started bookbuilding yesterday for an IPO that aims to bring in between HK$3.85 billion and HK$5.1 billion $494 million and $654 million. If the deal is completed, it will be the third largest IPO in Hong Kong this year after China Railway Construction Corporation and Want Want China Holdings.
However, SJM has trimmed its expectations quite significantly since its most recent attempt to go public in January when it was testing the market for a deal of up to $1 billion.
The price range has been set at between HK$3.08 and HK$4.08 a share. The 1.25 billion...
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