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. NagaCorp's IPO came ahead of Industrial and Commercial Bank of China's record US$19 billion share sale which will open for public subscription on Monday. NagaCorp's IPO was delayed twice earlier this year after the Hong Kong stock exchange required the company to perform multiple reviews of its anti-money laundering controls. NagaCorp operates 44 gaming tables and 211 slot machines. The company is spending US$90.47 million on an expansion that will boost the number of gaming tables to 176 and add a 508-room hotel when completed by the end of next year. In the first five months of this year, revenue from high-stakes players reached US$22.2 million or 58.4 per cent of total turnover at the firm's casino, NagaWorld, according to its prospectus. NagaCorp shares will begin trading on October 19.