NagaCorp IPO In HK
You Have Been Warned, My HK Friends
The institutional order book of Cambodian casino operator NagaCorp's initial public offering is 10 times full, although the retail portion generated a lukewarm response. NagaCorp's initial public offering, which could raise as much as HK$800 million, has attracted orders for about 10 times the number of shares allocated to institutional investors. However, NagaCorp, owned by Malaysian tycoon Chen Lip Keong, generated about HK$306 million worth of margin orders on the second day of the retail share sale. Compared with Beijing department store operator Jingkelong , which was listed on September 25 and which attracted close to HK$1 billion on the second day of its initial public offering, NagaCorp was not very hot.
Its not like CLK (of FACB fame) did not try to list the damn thing in Malaysia or Singapore.... even they rejected the bloody thing. It would have made a lot more sense to list in Thailand as the proximity and intimate knowledge of Cambodia by the Thais should be a positive, but ... no. HK was chosen, your guess is as good as mine, last resort ... hopefully HKers will gobble them up. Watch this space, the thing will crash like a rock immediately on listing and just check on it a month or 6 months later ... I am betting that it will halve its IPO price. I shall refrain from putting up more reasons why NagaCorp will fail as it will get personal / political . Let's just say ... Its like "The Sopranos" Meet "The Office" In Cambodia!
My fellow HK firends who have been unfortunate enough to be successful in getting NagaCorp, may the force be with you.