Shares in Sociedade de Jogos de Macau (SJM), the casino company run by Stanley Ho, began trading on the Hong Kong Stock Exchange Wednesday.
The offering was undersubscribed by 102.87 million shares following the withdrawal of more than half the total applications, but Duetsche Bank, bookrunner for the offering, has swept up the $40.7 million balance.
A legal challenge to SJM's listing launched by Mr. Ho's sister, Winnie Ho, delayed the listing by a week, thereby giving retail investors until last Friday to return purchased shares for a full refund.
Hong Kong's Court of Appeals yesterday upheld the Court of First Instance's ruling to dismiss Ms. Ho's complaint. "In my judgment, none of the challenges sought... in the judicial review proceedings could be reasonably arguable," said Chief Justice Ma.
55 percent of individual investors withdrew applications for 146.99 million shares.