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 Manchester United Picks Singapore IPO Over H.K

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Nombre de messages : 39
Date d'inscription : 10/08/2011

Manchester United Picks Singapore IPO Over H.K Empty
MessageSujet: Manchester United Picks Singapore IPO Over H.K   Manchester United Picks Singapore IPO Over H.K EmptyJeu 25 Aoû - 7:23

Singapore beat Hong Kong to lure the initial stock sale of record 19-time English soccer champion Manchester United Ltd. in part by assuring a speedier approval process, bankers with knowledge of the matter said.

A pledge by Singapore Exchange Ltd. (SGX) to shrink the time lag between IPO application and approval to as little as four weeks -- from the usual two to three months -- was key to swaying United, said the bankers, who requested anonymity as they’re not authorized to discuss the deal. United plans to raise about $1 billion to reduce its debt burden and finance player purchases, people familiar with the IPO said last week.

Singapore Exchanges Chief Executive Officer Magnus Bocker’s push to lure United is a sign of increased competition between the city-state and Hong Kong for IPOs by global brands. Hong Kong, whose market capitalization is more than four times that of Singapore, this year hosted offerings by Prada SpA, Glencore International Plc and Samsonite International SA, extending its lead as Asia’s premier venue for IPOs.

“If all the major listings are going to Hong Kong, people might increasingly see the SGX as not as important,” said James Koh, a Singapore-based analyst at Kim Eng Securities Ltd., using an abbreviation for Singapore Exchange. “That’s why it’s good to get a big catch like that.”
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