Football club giant Manchester United is all set to initiate its IPO in New York from the next week, intending for pricing in August. Man Utd has now targeted New York after its efforts in Singapore, Hong Kong, and the UK.
According to multiple sources, a slight change has been made in the original timetable, which is now set after the US Labor Day on September 3.
Though the club has targeted to raise $500 million or £319.35 million from the IPO, it has now contemplated on a new target of $300 million or £191.61 million. However, depending on the process of regulatory review, it is still possible for the club to bring a change on the timing and sizing.
The club has not yet submitted audited financial results of the fiscal year ended in June 2011. Instead, it has relied on an exception as a rising group under the JOBS Act.