Manchester United Said To Seek $300 Million In August IPO
19 July 2012
Manchester United Ltd., the English soccer team with a record 19 national championships, seeks to raise $300 million in its U.S. initial public offering and plans to complete the sale in early August, said a person with knowledge of the matter.
The club may begin meeting with prospective investors to pitch the IPO as early as next week, said the person, who asked not to be named because the plans are private.
Manchester United is moving ahead with its share sale in the U.S. after scrapping plans for a Singapore offering. While United received the Singapore stock exchange’s approval in September to raise $1 billion in an IPO, the process was stalled as volatile stock markets roiled equity sales.
Proceeds from the IPO will be used to repay debt, according to regulatory filings. The club filed earlier this month to raise $100 million in the U.S., a placeholder amount used to calculate registration fees.
Jefferies Group Inc., Credit Suisse Group AG and JPMorgan Chase & Co. are leading the offering, United’s filing shows. Philip Townsend, a spokesman for United, didn’t respond to a phone message seeking comment that was left after regular business hours in the U.K.
The size and timing of the offering were reported earlier by the International Business Times.