MU IPO to hit Singapore

Legendary English football club Manchester United plan to tap their massive Asian fan base with a lucrative share listing in Singapore this year, sources familiar with the deal confirmed Wednesday.
Media reports said the Red Devils, the Premiership title-holders and three-time champions of Europe, aim to generate $1 billion with an initial public offering (IPO) of 30 percent of the club's shares.
"The deal is on. It is in Singapore," a person familiar with the plan told AFP on condition of anonymity, adding that the share offer was expected to take place in the fourth quarter.
Asia was chosen over London because it accounts for 190 million out of the estimated 330 million United followers worldwide, and most of the club's sponsors are based in Asia or generate a large part of revenue from the region.
"Asia has been integral to the club from a fan point of view and also from a commercial point of view," the source said.
United were ranked by business magazine Forbes earlier this year as the world's most valuable football club with a value of $1.86 billion.
The Straits Times newspaper said representatives of the club met with Singapore Exchange (SGX) officials recently.
US tycoon Malcolm Glazer and his family, who bought the club in 2005, have sent representatives to meet bankers in the city-state, it said.
Singapore's state investment agency Temasek Holdings is being eyed as a cornerstone investor, the newspaper added.
An SGX spokesperson told AFP it was the exchange's policy not to comment on press reports.
Sources told Dow Jones Newswires that Credit Suisse Group had been mandated as sole global coordinator and bookrunner on the deal.
Media estimates of $1 billion for 30 percent of the club's shares means a total valuation for the company of more than $3 billion, far higher than other estimates such as that given by Forbes.