F1 To Call Off Singapore IPO Because Of Volatile Asian Financial Markets

Turmoil "in financial markets has pushed the owners" of F1 to delay a $3B share offering in Singapore due later this month, according to sources cited by Pignal, Blitz & Grant of the FINANCIAL TIMES. A formal decision by F1’s owners, led by private equity firm CVC, “is expected early next week.” But a source said that “it is now ‘inconceivable under any scenario’ that the listing will happen by the end of June, as was originally planned.” A source said, “The markets are just awful. It is not happening in the next few weeks.” But a banker said that a “pre-marketing tour to gauge investor interest found ‘strong appetite’ for F1 shares.” An adviser said, “It’s all down to the macroeconomic environment at this point. Investors are comfortable with the F1 story” (FINANCIAL TIMES, 6/12).