Singapore’s stock exchange approved Manchester United’s application to raise about US$1 billion ($1.2 billion) in an initial public offering in the city-state, two people with knowledge of the matter said.
As much as two-thirds of Manchester United’s offering will likely be in preferred shares, which may carry at least double the dividend of ordinary stock while lacking voting rights, said the people. The declined to be identified as the IPO process is private.
Singapore’s bourse lured United in part by offering a speedier approval process for the IPO, bankers with knowledge of the matter said last month. United applied for the Singapore listing on Aug. 18, people familiar with the deal said.
United’s dual-share structure offers a way for the Glazer family to retain control of the football club after the IPO, the people said. Spokespeople for United and Singapore Exchange didn’t immediately respond to phone calls seeking comment on the approval.
The company hired JPMorgan Chase & Co. and Morgan Stanley as so-called bookrunners for the IPO together with Credit Suisse Group AG, three people with knowledge of the matter said last month. United also picked BOC International, CLSA Asia- Pacific Markets, CIMB Group Holdings Bhd. and DBS Group Holdings as co-lead arrangers for the offering, the people said.
United’s parent company, Red Football, this month posted a record full-year operating profit of 110.9 million pounds ($217.4 million) for the 12 months to June 30.
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