Manchester United Shares Debut Slightly Higher
Shares of Manchester United opened slightly higher in their market debut than their $14 IPO price on the New York Stock Exchange on Friday.
The stock of soccer club Manchester United priced on Thursday at $14 a share, below its expected range of $16 to $20 per share.
United is one of the most well-known teams on the planet. But some analysts say the debt-ridden team is overvalued.
The 134-year-old soccer club expects to make $110.3 million from its offering of 8.3 million shares. It will use $101.7 million to pay down senior notes. The Glazer family, which owns the team, is selling another 8.3 million shares separately.
The IPO market has been chilled since Facebook's disappointing debut in May. Another public offering expected from Carl's Jr. parent CKE on Friday was postponed. Outback Steakhouse owner Bloomin Brands debuted below its expected offering price Wednesday.