Market Overview

Manchester United IPO Shows Soccer's Limited Investor Appeal


Originally published at Fox Business

Shares of mega soccer team Manchester United (MANU: 14.03, +0.03, +0.21%) hovered just above their offering price of $14 in early trading after debuting Friday on the New York Stock Exchange.

Analysts had widely predicted a lukewarm welcome in U.S. markets for shares of the beloved 134-year-old British team, often described as the most popular professional sports team in the world.

The shares were trading at $14.04 recently, just pennies above the IPO price, which was itself disappointing. Weak demand from institutional investors ahead of last night's pricing forced lead underwriter Jefferies (JEF: 13.10, -0.24, -1.80%) to lower the price below the initially anticipated range of $16 to $20.

Manchester United, or Man U, as they are affectionately called by their millions of fans, raised $233 million through the sale of 16.7 million shares.

Continue reading this article here.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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