Man Group has high hopes for IPO
Man Group PLC of London could get over $4 billion for spinning off MF Global Ltd., its brokerage business, according to the firm.
Man Group PLC of London could get over $4 billion for spinning off MF Global Ltd., its brokerage business, according to the firm.
MF Global Ltd. hopes to fetch between $36 and $39 per share when it goes public on the New York Stock Exchange.
The IPO is expected to debut sometime in the third quarter, according to MarketWatch.
Man will offer 97.4 million common shares to the public, about 80% of the outstanding share capital. Underwriters will also have the option of buying another 9.7 million shares as part of the offering.
Citigroup, Lehman Brothers, JPMorgan Chase, Merrill Lynch & Co. and UBS Investment Bank are the joint book-running managers for the IPO.
Formerly known as Man Financial, the brokerage arm will trade on the NYSE under the ticker “MF.”
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