Macau Legend cuts IPO size


Macau Legend Development Ltd. cut the size of its planned initial public offering in half, to 934.8 million shares from 2.05 billion, with another 140.2 million shares available in an over-allotment option. The move reduces the maximum expected proceeds, which are to be used mostly for hotel construction at Macau Fisherman’s Wharf, to HK$3.21 billion ($413.8 million). The company, which also owns the Landmark Macau casino hotel, said that pachinko operator Dynam Japan Holdings Co. would still be subscribing for $35 million in shares in the offering.