Piyopico Supercharged August 16, 2011 Share August 16, 2011 Man Utd to launch IPO here Posted: 16 August 2011 2144 hrs SINGAPORE: English Premier League football champions Manchester United is planning a US$1 billion initial public offering (IPO) in Singapore by year-end and according to the International Financing Review (IFR), Morgan Stanley is among some banks likely to win the IPO mandate. The region has become an important growth area for the loss-making club, which has nearly two-thirds of its 300 million fans in Asia. A report earlier this month had said the Glazer family, which controls the club, was looking to sell as much as 25 per cent in an offering. The IPO of a globally recognised brand such as Manchester United would be a coup for Singapore, which has been competing with Hong Kong for international listings. According to Reuters, Singapore's IPO proceeds for the first half of this year have reached $7.1 billion, but that is eclipsed by Hong Kong's $13.4 billion. -CNA/wk ↡ Advertisement Link to post Share on other sites More sharing options...
Piyopico Supercharged August 16, 2011 Author Share August 16, 2011 A great example of how the news is reported by local media. The following is from Reuters, the report is basically the same but it mentioned that it cannot list in Hong Kong because it is loss making. Class 95..................... Aug 16 (Reuters) - English Premier League football champions Manchester United plans a $1 billion initial public offering (IPO) in Singapore by the end of the year, depending on market conditions, IFR reported on Tuesday, 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 Manchester United listing in Hong Kong, which has become the venue of choice for global brands such as fashion house Prada SpA and cosmetics maker L'Occitane International . With nearly two-thirds of its 300 million fans in Asia, the region has become an important growth area for the loss-making club. Earlier this month, the Sunday Mirror reported the Glazer family, which controls the club, was looking to sell as much as 25 percent in an offering. Despite the mounting talk of a Hong Kong offering, the territory bars unprofitable companies from listing on its exchange. The IPO of a globally recognized brand such as Manchester United would be a coup for Singapore, which has been competing with Hong Kong for international listings. Despite winning the biggest IPO in Asia Pacific during the first half of 2011 -- the $5.45 billion deal from Hutchison Port Holdings Trust in March -- Singapore's $7.1 billion in IPO proceeds in the period paled to Hong Kong's $13.4 billion, according to Thomson Reuters data. The Glazer family took Manchester United private following their 790 million pounds ($1.3 billion) takeover in 2005. United's turnover in the three months through March firmed 1 percent from a year earlier to 75.2 million pounds, led by a surge in commercial revenue ↡ Advertisement Link to post Share on other sites More sharing options...
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