F1’s Williams sets IPO price at 25 eur/shr

Formula One team Williams set the offer price for its stock market debut at 25 euros apiece on Tuesday, at the low end of the 25 to 27 euro offer range and valuing the group at 250 million euros ($345.6 million).

The IPO will raise 60 million euros from the sale of 2.4 million shares, which will be traded in the entry standard section.

The British racing team's initial public offering (IPO) is the third in Frankfurt this year, following bicycle maker Derby Cycle and software group RIB which floated last month.

Container shipping company Hapag Lloyd and German property group GSW are tipped to float before the end of April, signaling the beginning of a what analysts believe will be a Europe-wide listing flurry.

Frank Williams, who founded the team with Patrick Head in 1977, will remain the majority shareholder following the IPO, while Head plans to sell the bulk of his stake.

On Monday, several sources told Reuters that British private equity firm 3i was targeting April for a flotation of German industrial hose and clamp maker Norma Group. ($1=.7234 Euro)

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