HONG KONG (REUTERS) - Casino operator Macau Legend Development launched on Friday an up to US$786 million (S$976 million) initial public offering (IPO) in Hong Kong, according to a term sheet of the deal seen by Reuters.

The company and shareholders Lam Fong Ngo and Grand Bright are selling 2.05 billion shares in the offering, of which 86.2 per cent are new shares issued by Macau Legend, and the remainder existing stock from the two shareholders. The shares are being offered in an indicative range of HK$2.30 to HK$2.98 each.

About two-thirds of the proceeds of the offering will be used to build the Prague Harbor View Hotel and Palace Hotel, according to the term sheet, and the rest set aside for development of entertainment and shopping facilities, a yacht club and renovation of the Landmark Macau, among other things.