Wall Street Kicks Manchester United (MANU) IPO to the Curb
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The IPO for wildly popular UK soccer team Manchester United (NYSE: MANU) was meet with a lukewarm reception on Wall Street Friday.
After trying to price its stock in the $16-$20 per share range, Manchester United ended up pricing the deal at $14 and that's nearly where it opened.
The book-running managers for the offering were Jefferies & Company, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch and Deutsche Bank Securities.
The company seeks to profit for investors through three revenue stream. First through commercial, which includes sponsorship revenue; retail, merchandising, apparel & product licensing revenue; and new media & mobile revenue - commercial revenue was £66.0 million, £77.3 million and £103.4 million for each of the years ended June 30, 2009, 2010 and 2011, respectively, and grew at a compound annual growth rate of 25.2% from fiscal year 2009 through fiscal year 2011. Second, through broadcasting - broadcasting revenue was £98.0 million, £103.3 million and £117.2 million for each of the years ended June 30, 2009, 2010 and 2011, respectively, and grew at a compound annual growth rate of 9.4% from fiscal year 2009 through fiscal year 2011. Third is matchday at its iconic sports venue, Old Traffod - matchday revenue was £114.5 million, £105.8 million and £110.8 million for each of the years ended June 30, 2009, 2010 and 2011, respectively.
Total revenue for the years ended June 30, 2009, 2010 and 2011 was £278.5 million, £286.4 million and £331.4 million, respectively. During this same period, Adjusted EBITDA was £93.0 million, £102.4 million and £109.7 million, respectively.
Shares of Manchester United last traded at $14.03, up fractionally from the $14.00 pricing.
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After trying to price its stock in the $16-$20 per share range, Manchester United ended up pricing the deal at $14 and that's nearly where it opened.
The book-running managers for the offering were Jefferies & Company, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch and Deutsche Bank Securities.
The company seeks to profit for investors through three revenue stream. First through commercial, which includes sponsorship revenue; retail, merchandising, apparel & product licensing revenue; and new media & mobile revenue - commercial revenue was £66.0 million, £77.3 million and £103.4 million for each of the years ended June 30, 2009, 2010 and 2011, respectively, and grew at a compound annual growth rate of 25.2% from fiscal year 2009 through fiscal year 2011. Second, through broadcasting - broadcasting revenue was £98.0 million, £103.3 million and £117.2 million for each of the years ended June 30, 2009, 2010 and 2011, respectively, and grew at a compound annual growth rate of 9.4% from fiscal year 2009 through fiscal year 2011. Third is matchday at its iconic sports venue, Old Traffod - matchday revenue was £114.5 million, £105.8 million and £110.8 million for each of the years ended June 30, 2009, 2010 and 2011, respectively.
Total revenue for the years ended June 30, 2009, 2010 and 2011 was £278.5 million, £286.4 million and £331.4 million, respectively. During this same period, Adjusted EBITDA was £93.0 million, £102.4 million and £109.7 million, respectively.
Shares of Manchester United last traded at $14.03, up fractionally from the $14.00 pricing.
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