Manchester United IPO stock Prices, Manchester United ipo stock symbol, MU shares prices, MU stock price, Manchester United IPO release date : U.K. soccer club Manchester United said its IPO plans to raise as much as $167 million in its IPO, according to documents filed Monday with the Securities and Exchange Commission.Manchester United Ltd. aims to sell 16.7 million Class A shares in its initial public offering and set $16 to $20 as its target share-price range. Its stock will list on the New York Stock Exchange under the ticker MANU, the documents said.
The team hopes to price the offering before mid-August, prior to the IPO market's typical late-summer pause, according to a person familiar with the matter.
The underwriters for the proposed offering include Jefferies Group Inc. (JEF), Credit Suisse Group (CS, CSGN.VX), J.P. Morgan Chase & Co. (JPM), Bank of America Merrill Lynch (BAC) and Deutsche Bank AG (DB, DBK.XE), according to the filing.
The English team's U.S. owners plan to take the club public again through a Cayman Islands-registered vehicle, a year after abandoning an attempt to list in Singapore, a venue that reflected the fast-growing Asian element of its global following. The club cited poor market conditions in pulling the Singapore listing.
Manchester United would be one of the first sports teams to go public in the U.S. in more than a decade, 14 years after the Cleveland Indians baseball franchise listed before later going private.
The English soccer team is owned by the Glazer family, headed by American businessman Malcolm Glazer. The family also controls the National Football League's Tampa Bay Buccaneers.
The Glazers' role has, at times, generated controversy since the family bought the club in 2005--fans mounted an unsuccessful attempt to organize a buyout of the club at one point. Critics said the Glazer family was restricting the team's ability to attract and keep the best players because of debts taken on by their leveraged buyout.
Manchester United said in the filing that it intends to use the net proceeds from this offering to retire about $125 million in outstanding debt.
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