One of the world’s top soccer clubs, Manchester United Ltd., is geared up to make its first appearance in the stock market next week along with companies that are behind Carl’s Jr and Hardee’s fast-food chains and Outback Steakhouse restaurants. The club is scheduled to go public with its offering set at $300 million.
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Bloomin’ Brands that is operated by Outback is planning on raising $300 million in its first public offering. CKE handles two hamburger eateries and is planning on raising $200 million.
The timing of the IPO’s overlaps with the final week before plenty on Wall Street takes break till the Labor Day. It also limits a summer IPO season that was delayed due to fallout of disappointing market debut of Facebook.
Facebook Inc(NASDAQ:FB), the social network started to trade publicly on 18th May at the top of their targeted IPO range. However, it closed at barely above their IPO cost, $38.23. they closed on Friday at $21.09, which is 45% down from what they had started.
This has alarmed the IPO market and the upcoming ventures did not launch offerings before next week.
The President of researcher IPOdesktop, Francis Gaskins said that everyone was worried about Facebook. The poor result at the IPO market had taken out all the energy out of the room for about 5 weeks. He also mentioned that there is a huge backlog of IPOs. The market is predicted to make a strong comeback after Labor Day.
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Since that time, the market has sprung back in action with a number of technological companies and retailers going public and arriving at good results.
It is being expected that shares of Manchester United Ltd would be somewhere between $16and $20 each.
A technology firm, Peregrine Semiconductor that caters to wireless market is planning on a raise of $83 million. Another firm Performant Financial, which deals in collection services on unpaid loans has plans to raise $150 million.