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Friday, June 1, 2012

Formula One IPO prospectus Singapore next week

Formula One IPO prospectus , Formula One IPO prospectus Singapore next week ; Motor sport racing company Formula One has delayed its Singapore initial public offer worth up to $3 billion, the fifth big Asian IPO to be postponed or pulled in a week, as weak markets bring the global market for new listings to a shuddering halt.

Worldwide, money raised from stock market flotations has slumped 46 percent so far this year compared with the same period of 2011, with investors wary of the euro zone crisis, China's economic slowdown and last month's botched Facebook IPO.


Motor racing business Formula One Group has decided to delay its initial public offer on the Singapore stock exchange, dropping plans to lodge a prospectus with regulators there next week, a source familiar with the decision said on Friday.

The source, who was not authorized to speak publicly on the matter, said the offer, worth up to $3 billion, had not been abandoned altogether but would not be going ahead for "some time". Weak markets have hit planned IPOs hard, with luxury jeweler Graff Diamonds pulling its offer on Thursday.

Formula One, whose major shareholder is private equity firm CVC Capital Partners, was in pre-marketing mode and had been planning to launch a preliminary prospectus with the Monetary Authority of Singapore next week.

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