London, Aug 11(ANI): Manchester United shares started sluggishly on their first day of trading on the New York Stock Exchange in spite of the English giants lowering its float price before the initial range.
United floated at 14 dollars after lowering its expected offer price range from 16 dollars to 20 dollars.
The share price peaked at 14.20 dollars before ending the day flat at 14 dollars, and slipping to 13.90 dollars in after-hours trading.
United had originally planned to float in the Singapore and Hong Kong but then focused on the US after the uncertain economic environment delayed a listing last year.
The initial public offering has raised 233 million dollars (149 million pounds) through the sale of 16.7 million shares, The Telegraph reports.
Half of the proceeds will go to the football club to pay off debt, and half to the Glazer family who control Manchester United.
Despite the lower-then-expected pricing, the float still establishes Manchester United as the world's most valuable football club, worth about 2.3 billion.
United's co-chairmen Avram and Joel Glazer and chief executive David Gill rang the bell at the New York Stock Exchange as trading in the football club began on Friday. (ANI)
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