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Mumbai, July 17 MF Global Ltd, the world’s leading brokerage house and part of the Man Group Plc, has made an initial public offering for $3.5 billion for listing on the New York Stock Exchange.

MF Global is currently operating through Man Financial Ltd, Man Financial Inc and other subsidiaries of Man Group plc.

The estimated price range for the IPO of 97.4 million shares representing approximately 80 per cent of the outstanding share capital is $36-39 per share.

Man Group intends to separate Man Financial, its brokerage business through the IPO. Man Financial will be renamed MF Global upon completion of the separation and IPO.

Man Group has also granted the underwriters an option to purchase up to 9.7 million additional common shares of MF Global in the offering.

More Stories on : IPOs | Financial Services

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