Man U ditches Asia IPO plan for US

Source : ANI
Last Updated: Thu, Jun 14, 2012 10:50 hrs

Manchester United has ditched their plan to open an Initial Public Offer (IPO) in Singapore, and has opted for United States instead, according to sources.

After initially eyeing a Hong Kong IPO, United had planned a 1 billion dollar listing in Singapore in the second half of last year before putting plans on hold because of market commotion.

19 times English league champions, Manchester United, who features players such as England's Wayne Rooney, declined to comment on the issue.

The U.S. listing would come either on the New York Stock Exchange or its rival Nasdaq, which is under scrutiny after its systems failed the debut of social media giant Facebook Inc last month, which caused customer losses estimated of at least 100 million dollars.

A source at the New York Stock Exchange, owned by NYSE Euronext, said an exchange decision is expected soon. Whereas Nasdaq owned by NASDAQ OMX Group Inc, was not immediately available to comment.

The club's American proprietors, the Glazer family, are well known in the United States as owners of American football team the Tampa Bay Buccaneers, The Star reports.

Credit Suisse, JPMorgan Chase and Co, and Morgan Stanley were originally mandated as book runners for the Singapore listing, but sources said this line-up might change.

Jefferies Group Inc, which was not part of the original syndicate, has also joined the deal, the sources said.

Credit Suisse, JPMorgan and Morgan Stanley declined to comment, and the Jefferies could not be reached for a comment. (ANI)

More from Sify: