ManU Said To Have Received Enough Orders For All Shares Offered In U.S. IPO
ManU has "received enough orders for all shares being sold in its U.S. initial public offering," according to Wu & Hu of BLOOMBERG. The company and its owner, the Glazer family, "are seeking to raise as much as" $333M by selling 16.7 million shares at $16 to $20 each. An individual who declined to be identified because the talks are private said that banks managing the IPO are "scheduled to stop taking orders for the shares on Aug. 9 at noon in N.Y. ManU is "pressing ahead with the IPO" as the Standard & Poor's 500 Index rebounds, rising more than 9% from its six-month low in June. Club spokesperson Philip Townsend declined to comment. The range makes ManU "more than twice as pricey" as Parken Sport & Entertainment A/S, the operator of FC Kobenhaven and its stadium in Copenhagen, which "trades at 18 times a profit and 0.6 times sales in the 12 months through March," Bloomberg data show. The data also show that Juventus Football Club trades at about 0.5 times sales in the 12 months through March 31 (BLOOMBERG, 8/7).