Macau Legend Development Looks for US$788 Million IPO to Fund Hotels
Macau Legend seeks as much as US$788 million in an IPO to finance construction of new hotels in the country.
The firm is offering 2.05 billion shares in Hong Kong with a value of HK$2.30 to HK$2.98 per share. This was according to a term sheet gotten by Bloomberg News. The terms also show about 86% of the sale accounted for new stocks.
Macau Legend is starting the largest gaming IPO in Hong Kong after MGM China Holdings Ltd. with its offer of US$1.6 billion in May 2011. The company operates under SJM Holdings Ltd.
About 37% IPO proceeds of Macau Legend is planned to finance construction of the Prague Harbor View Hotel. The terms also show another 30% to be used for the construction of the Palace Hotel. According to the same terms, Macau Legend shares will start trading by June 27.
Macau Legend Development includes key assets like Landmark Macau Hotel, Macau Fisherman's Wharf Complex and the Pharaoh's Palace Casino.