News Summary: Manchester United readies for IPO

AP News
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Posted: Aug 09, 2012 8:05 PM
News Summary: Manchester United readies for IPO

THE NEWS: British soccer club Manchester United set a price of $14 per share for its initial public offering. That's below the $16 to $20 per share price range that had been widely anticipated.

THE CONTEXT: The 134-year-old club, with a record 19 English championships, is one of the most well-known teams on the planet. Some analysts say the debt-ridden team is overvalued and the offering is dependent on investors wearing their fan colors rather than their financial thinking caps.

THE TICKER: Manchester United will trade under the "MANU" ticker starting Friday on the New York Stock Exchange.