F1 ‘on track’ with $3b Singapore IPO

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F1 racetrack in Singapore
F1 racetrack in Singapore, called the Marina Bay Street Circuit

Formula One Group, Bernie Ecclestone’s motor sports rights management firm, has said it is “on track” with its delayed initial public offering (IPO) at the Singapore Stock Exchange that is expected to raise a whopping $3 billion and increase the a total market capitalisation of the firm to no less than $12 billion.

The IPO would take place “in the next 12 months” or even “by the end of 2013” despite its CEO Bernie Ecclestone being engulfed in a legal battle over payment of an alleged bribe. A Formula One night race is slated for September 2013 in Singapore.

Currently, private equity firm CVC Capital Partners is the largest shareholder in Formula One, with a stake of 35.5 per cent and has been the main owner of the business since 2006. CVC originally intended to float Formula One in June 2012 but put the brakes on the plan due to the worsening euro zone crisis.

The Singapore IPO of Formula One would be one of the largest in ASEAN, similar in size to palm oil producer Felda Holding’s debut in 2012 that brought the company $3.1 billion.

Billionaire Ecclestone, 82, will retain a five per cent stake in Formula One which has commercial rights to Formula One for the next 97 years. The company had revenues of $1.5 billion in 2011 as per the latest available figures. It earns money from fees paid by circuits to host races, the sale of television rights, sponsorship and corporate hospitality.

 

 

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Reading Time: 1 minute

F1 racetrack in Singapore, called the Marina Bay Street Circuit

Formula One Group, Bernie Ecclestone’s motor sports rights management firm, has said it is “on track” with its delayed initial public offering (IPO) at the Singapore Stock Exchange that is expected to raise a whopping $3 billion and increase the a total market capitalisation of the firm to no less than $12 billion.

Reading Time: 1 minute

F1 racetrack in Singapore
F1 racetrack in Singapore, called the Marina Bay Street Circuit

Formula One Group, Bernie Ecclestone’s motor sports rights management firm, has said it is “on track” with its delayed initial public offering (IPO) at the Singapore Stock Exchange that is expected to raise a whopping $3 billion and increase the a total market capitalisation of the firm to no less than $12 billion.

The IPO would take place “in the next 12 months” or even “by the end of 2013” despite its CEO Bernie Ecclestone being engulfed in a legal battle over payment of an alleged bribe. A Formula One night race is slated for September 2013 in Singapore.

Currently, private equity firm CVC Capital Partners is the largest shareholder in Formula One, with a stake of 35.5 per cent and has been the main owner of the business since 2006. CVC originally intended to float Formula One in June 2012 but put the brakes on the plan due to the worsening euro zone crisis.

The Singapore IPO of Formula One would be one of the largest in ASEAN, similar in size to palm oil producer Felda Holding’s debut in 2012 that brought the company $3.1 billion.

Billionaire Ecclestone, 82, will retain a five per cent stake in Formula One which has commercial rights to Formula One for the next 97 years. The company had revenues of $1.5 billion in 2011 as per the latest available figures. It earns money from fees paid by circuits to host races, the sale of television rights, sponsorship and corporate hospitality.

 

 

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