F1 turned down multi-billion dollar IPO
Ecclestone is waiting for better times
Formula 1 comes in its multi-billion dollar IPO in Singapore on the brakes. Company boss Bernie Ecclestone on Friday postponed the debut and justified the move with the weak market environment. The race organizers will now wait until times are better for going onto the dance floor.
Ecclestone insisted the three-billion-dollar business (EUR 2.4 billion) was not canceled: "We have said that it takes place this year, so it will take place this year." Formula 1 ready for anything "you always want to go when we walk, we" listing before and said the 81-year-old.
Cancellations have increased
The cancellation of IPOs have recently heaped around the world. The debt crisis in Europe, because of worries of slower growth in China and the botched launch Facebook make the aspirants careful. This week alone, five companies have shifted their emissions in Asia - including the London jeweler Graff. The external conditions have created a "crisis of confidence," said analyst Scott Sweet of IPO Boutique. He also expressed confidence that the companies held fast to their plans and to "ambush position" remained.
Experts believe that by Ecclestone said time window is realistic. Should China relax its monetary policy and find Europe a solution to the debt crisis is likely that the sports series that is followed worldwide by more than half a billion TV viewers, this year goes to the stock market, they said. Originally, the Formula 1 management circles that in the coming week to submit the prospectus to the competent supervision in Singapore.
On Thursday the London jeweler Graff has canceled its IPO in Hong Kong because of poor market conditions. Also pushed to the backburner, the London IPO of Georgia's state railway and the Russian real estate investor 01 After the botched debut of the world's largest social network Facebook Inc. Corsair Tria Beauty and suspended their plans to the first nail. The Malaysian state oil company Felda Palm keeps admit, though, on 28 To dare to jump in June. Also, the state insurer People's Insurance Company of China (PICC) is not known that he was abandoning his plans.