NagaCorp, a Cambodian casino operator controlled by Malaysian businessman Chen Lip Keong, has raised HK$715 million in its Hong Kong initial public offering after pricing its shares at the middle of the indicative range, sources close to the deal said.
The main board listing candidate, which holds a government concession to operate the sole casino in Phnom Penh until 2035, sold 500 million shares at HK$1.43 per share - the mid-point of the HK$1.25 to HK$1.60 per share range, sources said.
'The pricing would give some upside for investors,' said a source.
The retail tranche of NagaCorp's IPO was 100 times oversubscribed while its institutional tranche was about 10 times covered, market sources said.
Under the clawback mechanism, NagaCorp will boost its retail tranche to 50 per cent or 250 million shares of its total offering shares, up from the original 10 per cent.
The institutional tranche will be downsized accordingly.
Anglo Chinese and Kim Eng are sponsoring the offer.
