F1 will float IPO when time is right

Formula One is getting everything in place for a flotation this year but it will only happen when the time is right, the sport's commercial head, Bernie Ecclestone, told Reuters on Thursday, signaling that a listing in June was now unlikely.

"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."

Asked whether that could mean a delay of several months, given the volatile nature of markets and four major IPOs being called off in Asia this week, Ecclestone said it would be a case of "waiting until we think it's the right time."

Formula One is planning to float in Singapore, with premarketing for the $3 billion IPO already under way. The company had been expected to issue a prospectus next week prior to going on the market later in June.

Ecclestone said it would be wrong to talk of any delay because no firm date had been set for an IPO.

"It's going to be this year, we said we would do it this year. It's not intended to be delayed," said the Briton.

English soccer club Manchester United put plans to float in Singapore on hold last year because of market turmoil.

Leave a Reply