Irish football club owner Brera (BREA) stock was trading 20% lower Friday afternoon in the wake of a US initial public offering that raised nearly $8M.

Shares of Brera opened at $5, the same as its IPO price, reaching a high of $5.40 in late morning trading. The stock recently changed hands at $4 at around 2:40 p.m. ET.

Brera offered 1.5M shares priced at $5 per share, raising $7.5M. Underwriters were granted a 45-day option to buy up to 225K additional shares to cover any over-allotments. Boustead Securities is serving as lead bookrunner.

Based in Dublin, Brera bought Italian amateur football association Brera in July 2022. The company plans to use proceeds from the IPO to buy football clubs in emerging markets such as South America, Africa and Eastern Europe.

Last month, MGO Global (MGOL), the creator of soccer star Lionel Messi’s lifestyle brand, raised $7.5M through an IPO. MGO, which was co-founded by Tommy Hilfiger’s sister Ginny, operates Messi’s e-commerce site, The Messi Store.

Meanwhile, legendary football club Manchester United (MANU) is up for sale. The club received a bid last week from chemicals maker INEOS, which also owns French football club OGC Nice.

For more on Brera, check out Donovan Jones’s “Brera Holdings Aims for US Micro-IPO.”