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CVC-backed Formula One could achieve 2013 IPO, Ecclestone says

13 Mar 2013

formula-one-racing-carCVC-Capital backed motor racing business Formula One could relaunch its delayed Singapore IPO later this year according to F1 magnate Bernie Ecclestone.

The 82-year-old billionaire had previously told Reuters in November that the business could “forget about” its already postponed IPO until at least 2014.

But he changed his tune this week when he spoke again to the news agency, saying someone would decided within the next three months whether a public listing could go ahead towards the end of this year.

He said, “Last year I thought that the markets were not ready, but now it is getting more likely that there is an opportunity.”

Formula One hoped to raise up to $3bn by listing on the Singapore exchange before the end of June, but dropped its plans to lodge a prospectus with the bourse at the beginning of the month.

CVC dropped its ownership in the business to about 35 per cent in June, down from the 63.4 per cent it controlled before the initial IPO announcement early this year.

US asset management company Waddell & Reed increased its stake to 20.9 per cent after paying $500m for a further 14.4 per cent of the company, valuing it at $9.1bn.

CVC sold a $1.6bn stake in the company towards the end of May as pre-marketing for the IPO was announced.

Ecclestone is not expected to sell his 5.3 per cent stake in the public listing.

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