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.
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