Auto-racing franchise Formula One, which recently delayed a planned US$2.5 billion Singapore initial public offering, hopes to push ahead later this year.
“Third, fourth quarter is what we’re looking at,” the source told Dow Jones Newswires, stressing however that they could not give a definite date because the listing “depends on the market conditions.”
CVC declined to comment. Singapore Exchange officials weren’t immediately available for comment.
“Everything has been moving. We’re just waiting to see how markets are doing and then we’ll press the ‘go’ button…. We are looking at the most opportune time to launch,” a person familiar with the deal told AFP.
F1 chief Bernie Ecclestone indicated in May the planned flotation may hit some speed bumps as global financial markets are hit by the escalating eurozone debt crisis.
The disastrous debut of Facebook’s $16 billion IPO in May — the firm’s shares have tumbled from its listing price of $38 — was also cause for concern, Ecclestone said.
Worldwide, money raised from stock market flotations has slumped 46 per cent 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.
London-based CVC manages funds for more than 300 investors and has assets exceeding $44 billion under management.