Manchester United is on track to become a publicly quoted company tomorrow on the New York Stock Exchange after abandoning earlier attempts to float in Singapore and Hong Kong.
Some analysts have criticized the high anticipated price of the stock, which is expected to see the 16.7m shares priced at between $16 and $20m with the prospect of raising up to $330m and a valuation for the club of $3.3bn.
Data provider Morningstar said that pricing would be above its fair value of about $10 a share. But its analysis said that shares could trade at a significant premium to its fair value estimate if the market values the soccer team in line with other successful sports franchises.
The Glazer family have had to scale back their capital raising target from $1 billion after efforts in the past year to sell shares on exchanges in Hong Kong and then Singapore failed to deliver sufficient sufficient demand.
International Adviser reported last month that Manchester United may look to move the club’s registration to the Cayman Islands.
