Red Devils' IPO
Source: Agencies |
August 17, 2011, Wednesday
|
Print Edition
Print Edition
English Premier League football champions Manchester United plans a US$1 billion initial public offering in Singapore by the end of this year, depending on market conditions, IFR said yesterday, citing a source with direct knowledge of the plans.
Morgan Stanley and at least one other bank were close to winning the mandate for the IPO, but others could also be added to the group, said IFR, a Thomson Reuters publication.
Speculation had been rife in recent months about a Hong Kong listing of the Red Devils, as the club is known.
With nearly two-thirds of its 300 million fans in Asia, the region has become an important growth area for the loss-making club.
Despite the mounting talk of a Hong Kong offering, the city bars unprofitable companies from listing on its exchange.
Morgan Stanley and at least one other bank were close to winning the mandate for the IPO, but others could also be added to the group, said IFR, a Thomson Reuters publication.
Speculation had been rife in recent months about a Hong Kong listing of the Red Devils, as the club is known.
With nearly two-thirds of its 300 million fans in Asia, the region has become an important growth area for the loss-making club.
Despite the mounting talk of a Hong Kong offering, the city bars unprofitable companies from listing on its exchange.
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