Manchester United set to start trading
Thursday, August 9, 2012
NEW YORK (AP) -- The stock of soccer club Manchester United is set to start trading after pricing Thursday at $14 per share, below its expected range of $16 to $20 per share.
United is one of the most well-known teams on the planet. But some analysts say the debt-ridden team is overvalued.
The 134-year-old soccer club expects to make $110.3 million from its offering of 8.3 million shares. It will use $101.7 million to pay down senior notes. The Glazer family, which owns the team, is selling another 8.3 million shares separately.
The IPO market has been chilled since Facebook's disappointing debut in May. Another public offering expected from Carl's Jr. parent CKE Inc. on Friday was postponed. Outback Steakhouse owner Bloomin Brands debuted below its expected offering price Wednesday.