Wednesday, June 6, 2012
Ecclestone delays F1 IPO amidst market upheaval
Don't expect to see a Formula One IPO until later this year at the earliest. F1 CEO Bernie Ecclestone says his company is delaying a public offering due to an uncertain market.
The motorsports organization has been working toward a $3 billion IPO in Singapore that was originally scheduled to go live next month, and marketing for the IPO has already begun. But with Facebook's disappointing showing last month and the tech company's stock continuing to fall in value, Ecclestone says there's no rush to go public.
F1 is offering a unique IPO, wherein the company's shares and debt will be sold alongside one another. Ecclestone didn't offer a firm date on when we can expect to see the his company go public beyond saying, "it's going to be this year." The 81-year-old executive was otherwise guarded about a date, indicating only that F1 will simply wait until it's the right time.