Manchester United shares fall below IPO price
NEW YORK (AFP) - Shares in legendary football club Manchester United closed below their initial public offering (IPO) price for the first time on Thursday, as apparent price support efforts gave out after five days of trade.
The shares had hovered barely above the US$14 (S$17.5) issue price since last Friday's initial public offering, before dropping 5 per cent to US$13.29 in Thursday morning trade on the New York Stock Exchange.
They bounced back slightly to close at US$13.77, for a loss of 1.99 per cent.
The heavily indebted club went public in the United States last week following aborted efforts to do so in Hong Kong and Singapore, where the American owners, the Glazer family, had hoped that its large Asian fan base would happily pay a premium for the shares.