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. Full story
