F1 Today To Begin Investor Presentations Ahead Of Singapore IPO

F1 today will reportedly begin preliminary presentations of its listing on the Singapore stock exchange "to fund managers and other big institutional investors." The racing group hopes to raise up to $3B from the IPO, which "would rank as one of the biggest such deals in Asia this year." F1 intends to "set the final pricing of its planned offering in mid-June and to have its shares begin trading in Singapore a week later" (NYTIMES.com, 5/21).

Meanwhile, private equity firm CVC Capital reportedly has sold a $1.6B stake in F1 to three investors -- private equity firm BlackRock, asset manager Waddell & Reed and Norway's Norges Bank -- ahead of the IPO. The deal cuts CVC's stake in F1 to about 40% from 63.4% (REUTERS, 5/22).