A weak Hong Kong stock market has prompted the Macao gaming company controlled by tycoon Stanley Ho to limit its initial public offering to less than half of the $1bn it originally sought to raise in January.

Sociedade de Jogos de Macau (SJM) on Thursday priced its offering at the low end of its indicative range. The company is now raising US$494m by selling 1.25bn new shares, or 25 per cent of its total shares, at HK$3.08 each. SJM covered its subscriptions but was not heavily subscribed.