SINGAPORE, June 1 (Reuters) – Motor racing business Formula
One Group has decided to delay its initial public offer on the
Singapore stock exchange, dropping plans to lodge a prospectus
with regulators there next week, a source familiar with the
decision said on Friday.
The source, who was not authorised to speak publicly on the
matter, said the offer, worth up to $3 billion, had not been
abandoned altogether but would not be going ahead for “some
time”. Weak markets have hit planned IPOs hard, with luxury
jeweller Graff Diamonds pulling its offer on Thursday.
Formula One, whose major shareholder is private equity firm
CVC Capital Partners, was in pre-marketing mode and had been
planning to launch a preliminary prospectus with the Monetary
Authority of Singapore next week.
