Racing Circuit Formula One Slams Brakes On IPO
The motor sport company has delayed its planned initial public offering in Singapore, which had been valued at up to $3 billion.
COLOGNE, Germany -- Motor sport racing company Formula One (F1) has slammed the brakes on its planned initial public offering in Singapore, an IPO that was expected to bring in up to $3 billion.
F1's IPO pit stop is the fifth big Asian public offering to be postponed or cancelled this past week, as investors, spooked by weak markets and last month's problematic Facebook IPO, have backed out of new listings.
Formula One, one of the world's most popular and lucrative sporting events, had planned to list in Singapore later this year and was expected to lodge its IPO prospectus with local regulators early next week. But the company has reportedly changed tracks and postponed the move.
In an interview with Reuters, Formula One boss Bernie Ecclestone, who also holds a substantial stake in F1, said the company was not scrapping the IPO and that its bankers would continue to meet with possible investors.
The news on Formula One came just a day after British luxury jeweler Graff Diamonds binned its planned $1 billion IPO on the Hong Kong stock market.
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