Manchester United reveals IPO details
NEW YORK (MarketWatch) -- English soccer club Manchester United on Monday revealed details of its long-awaited initial public offering, saying that it plans to offer 16.7 million shares on the New York Stock Exchange. The club said in a filing that it expects the IPO to be priced at between $16 and $20 a share, meaning the IPO could raise more than $330 million. The club's ticker will be manu, said the filing. Manchester United is owned by the American Glazer family, which took over the club using mostly debt; according to the filing, there is still £437 million ($687 million) of borrowings outstanding; finance costs in 2011 alone were £51 million.