Formula One , the auto-racing business has dropped plans to lodge its IPO prospectus with Singapore authorities next week – and now Formula One supremo Bernie Ecclestone said it will only happen when the time is right.
The worsening climate for equities – and the recent volatile Facebook IPO, as well as the postponed Graff diamond company shares launch – mean the board will decide not to float until later in the year, Mr Ecclestone signalled last night.
“We’re going through all the normal motions which go before…the analysts and the banks and all these people,” said the 81-year-old billionaire.
“We are getting prepared so all these things are done and then whenever we want to go, we can go.”
Formula One has been preparing for an IPO of up to $3bn in Singapore next month, in an unusual “stapled” deal that will see its shares sold together with debt. Its pre-marketing for the listing is already under way.
The company had been expected to issue a 500-page prospectus next week before floating in Singapore in June.
Ecclestone had earlier said the IPO could happen as soon as the end of June. According to Bloomberg, the F1 shareholders plan to raise as much as $3 billion with the stock offering.
“There’s no rush, the markets aren’t good at the moment, it doesn’t inspire people,” Ecclestone told Bloomberg. “We don’t have to do it now.”
Singapore’s stock market fell nearly 7.0 percent in May.
English soccer club Manchester United put plans to float in Singapore on hold last year because of market turmoil.