26°C / 7°C
  • Sun
  • 26°C
  • 7°C
  • Mon
  • 27°C
  • 7°C
  • Tue
  • 28°C
  • 12°C
  • Wed
  • 27°C
  • 10°C
  • Thu
  • 26°C
  • 10°C
  • Fri
  • 25°C
  • 8°C
  • Sun
  • 19°C
  • 11°C
  • Mon
  • 22°C
  • 11°C
  • Tue
  • 18°C
  • 11°C
  • Wed
  • 18°C
  • 11°C
  • Thu
  • 16°C
  • 13°C
  • Fri
  • 22°C
  • 13°C
  • Sun
  • 25°C
  • 16°C
  • Mon
  • 25°C
  • 16°C
  • Tue
  • 26°C
  • 17°C
  • Wed
  • 27°C
  • 18°C
  • Thu
  • 27°C
  • 18°C
  • Fri
  • 23°C
  • 18°C
  • Sun
  • 21°C
  • 13°C
  • Mon
  • 31°C
  • 13°C
  • Tue
  • 24°C
  • 13°C
  • Wed
  • 24°C
  • 14°C
  • Thu
  • 17°C
  • 13°C
  • Fri
  • 20°C
  • 14°C
  • Sun
  • 26°C
  • 9°C
  • Mon
  • 27°C
  • 9°C
  • Tue
  • 26°C
  • 8°C
  • Wed
  • 25°C
  • 9°C
  • Thu
  • 23°C
  • 8°C
  • Fri
  • 23°C
  • 7°C
  • Sun
  • 28°C
  • 8°C
  • Mon
  • 29°C
  • 9°C
  • Tue
  • 28°C
  • 10°C
  • Wed
  • 26°C
  • 11°C
  • Thu
  • 24°C
  • 9°C
  • Fri
  • 25°C
  • 10°C
  • Sun
  • 24°C
  • 13°C
  • Mon
  • 26°C
  • 13°C
  • Tue
  • 24°C
  • 14°C
  • Wed
  • 21°C
  • 11°C
  • Thu
  • 15°C
  • 12°C
  • Fri
  • 24°C
  • 12°C
  • Sun
  • 20°C
  • 15°C
  • Mon
  • 25°C
  • 13°C
  • Tue
  • 21°C
  • 14°C
  • Wed
  • 28°C
  • 15°C
  • Thu
  • 18°C
  • 14°C
  • Fri
  • 19°C
  • 15°C
  • Sun
  • 27°C
  • 9°C
  • Mon
  • 28°C
  • 10°C
  • Tue
  • 28°C
  • 11°C
  • Wed
  • 27°C
  • 11°C
  • Thu
  • 24°C
  • 10°C
  • Fri
  • 24°C
  • 10°C
  • Sun
  • 27°C
  • 9°C
  • Mon
  • 29°C
  • 10°C
  • Tue
  • 29°C
  • 10°C
  • Wed
  • 28°C
  • 10°C
  • Thu
  • 25°C
  • 10°C
  • Fri
  • 25°C
  • 11°C
  • Sun
  • 20°C
  • 14°C
  • Mon
  • 23°C
  • 14°C
  • Tue
  • 20°C
  • 13°C
  • Wed
  • 19°C
  • 13°C
  • Thu
  • 14°C
  • 12°C
  • Fri
  • 20°C
  • 13°C
  • Sun
  • 27°C
  • 6°C
  • Mon
  • 29°C
  • 7°C
  • Tue
  • 29°C
  • 8°C
  • Wed
  • 28°C
  • 9°C
  • Thu
  • 26°C
  • 10°C
  • Fri
  • 25°C
  • 9°C

F1 to start pre-marketing for IPO

Formula One will start pre-marketing for its $3 billion Singapore initial public offering on May 22.

Formula One supremo Bernie Ecclestone. Picture: Gallo Images/AFP
Formula One,Bernie Ecclestone,Formula 1initial public offering
Sport

HONG KONG - Motor racing business Formula One will start pre-marketing for its up to $3 billion Singapore initial public offering (IPO) on May 22 after receiving approval from the city's stock exchange for the deal, a source with direct knowledge of the plans said on Monday.

The company is seeking to raise between $2.5 billion to $3 billion, vying to rank among the top IPOs in the world this year after Facebook Inc raised as much as $18.4 billion and a planned $3 billion listing by Malaysia's Felda Global Ventures Holding.

The IPO is set to be priced before the end of June, after the company and its bankers meet with investors and fund managers to gauge demand for the IPO, added the source, who was not authorised to speak publicly on the matter.

Formula One, which holds 20 races around the world and has a more than 500 million television viewers, is controlled by private equity firm CVC Capital Partners , with a 63.4 percent stake.

CVC plans to reduce its stake as part of the IPO along with other shareholders in Formula One, the source added.

Formula One earlier this month unveiled a $1.8 billion refinancing package to help lay the groundwork for the IPO.

Goldman Sachs and UBS were hired to lead the IPO. Morgan Stanley, Spain's Banco Santander, Singapore's DBS Group and Malaysia's CIMB will also act as joint bookrunners on the deal.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN reserves the right to close comments on selected content pages.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.