3. More on the IPO process Aa Aa The IPO process involves several entities, such as the issuing company, institutional investors, brokers, lawyers, regulators, retail investors, and an intermediary company. Consider the following IPO deal: On August 10, 2012, Manchester United PLC (MANU), a professional soccer team in the English Premier League, went public with the sale of 16,666,667 shares of Class A ordinary common shares for $14 per share. The sale, which raised $233,333,338, was led by the Jeffries Group, Inc. and conducted with assistance from Credit Suisse Group AG and JP Morgan. All three institutions served as bookrunners for the offering. A variety of other tanks across the world participated in the sale by offering shares to their customers. Shares sold in the IPO were both newly created shares as well as those provided by the Malcolm Glazer family, the owners of MANU prior to the offering