Formula One: Singapore IPO hit by market turmoil

Updated: 01 June 2012 10:41 IST

Formula One is waiting for "the most opportune" time to launch its $2.5 billion share sale in Singapore after turbulence returned to financial markets, a source said on Friday.

Formula One: Singapore IPO hit by market turmoil

Singapore:

Formula One is waiting for "the most opportune" time to launch its $2.5 billion share sale in Singapore after turbulence returned to financial markets, a source said on Friday.


The glitzy motor sport was given the go-ahead last month for an initial public offering, just days after Facebook's disappointing initial public offering (IPO) fell flat in New York. However, no launch date has yet been set.

"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.

Formula One is set to be one of the biggest IPOs this year. The latest comments come just a day after Graff Diamonds postponed its $1.0 billion launch in Hong Kong due to "adverse market conditions".

"We haven't got a date set yet, but with all the problems in the eurozone and the markets, we will be waiting until things have settled a little," Formula One supremo Bernie Ecclestone was quoted as saying by Britain's Guardian newspaper.

"Who would want to try and list now? I did see what Graff did, and it shows now isn't the right time."

English football club Manchester United was also cleared to launch an IPO in Singapore last year, but has not yet set a date.



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