Manchester United IPO: Have filed an application with SGX for a public listing, a source close to the deal said. SGX will study the application and, if approved, will issue the club an 'eligibility to list' letter, after which Man U can lodge its prospectus with MAS.
Man U plans to issue their IPO in 4Q, with press reports nothing that United is aiming to generate US$1b with the IPO of 30% of the club's shares. Source with knowledge of the IPO said that the club chose Asia over London for the listing because the region accounts for 190m out of the estimated 330m United followers worldwide. In addition, most of the club's sponsors are also based in Asia or generate a large part of rev from the region.
United were ranked Forbes earlier this year as the world's most valuable football club with a value of US$1.86b. Media estimates of US$1 b for 30% of the club's shares means a total valuation for Co. of more than US$3b.
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