Want to own ManU? Here's your chance
Football club Manchester United has picked the New York Stock Exchange to make its stock market debut, ending months of speculation over where it would list.sports Updated: Jul 05, 2012 01:17 IST
Football club Manchester United has picked the New York Stock Exchange to make its stock market debut, ending months of speculation over where it would list.
After first eyeing a Hong Kong IPO, the former English Premier League champions had planned a $1 billion listing in Singapore last year before putting plans on hold because of market turmoil.
The US-owned club filed with the Securities and Exchange Commission on Tuesday to raise up to $100 million in an initial public offering of its Class A ordinary shares in New York.
In the United States, the amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
Thomson Reuters publication IFR had reported last month that the club had dropped its plans for an Asian listing in favour of a US listing.
The company filing for a much lower amount than $1 billion originally expected does not come as much of a surprise, said Josef Schuster, founder of Chicago-based financial services firm IPOX Schuster LLC.
"The smaller the float, the higher the relative valuation can be... This may just be a strategy initially to make it appear like a low float IPO," Schuster said.