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Manchester United shares debut on NYSE

  • Shares in Manchester United began trading on the New York Stock Exchange on Friday.

    The premier league soccer club's shares initially rose marginally to $14.05, before closing flat at the offer price of $14.

    The offer price was lower than the $16 to $20 that United had initially wanted to sell them for.

    Ten percent of the club was sold in the initial public offering (IPO) and raised $233 million, a third less than what was anticipated.

    Members of the club's American owners, the Glazer family, rang the opening bell to signify the start of trading.

    The flotation values the club at more than $2.3 billion, making it one of the world’s biggest sports clubs.

    Nearly half of the $233 million raised will go towards paying off the club's debts, which stand at around $633 million, with the rest going to the club's owners.