Deadline set as Formula 1 listing process begins

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The Independent Online

CVC Capital Partners has set a Friday deadline for banks hoping to play a role in Formula 1's flotation in Singapore, in a sign that the process for the expected $1.5bn (£940m) initial public offering is formally under way, with plans for a July listing.

The Formula 1 chief, Bernie Ecclestone, said last month that he had recommended Singapore as the best place to float the motor racing business, seeking to tap Asian enthusiasm for international sports brands. While a public listing has long been expected, the precise timing remained unclear and Formula 1 has not yet applied formally to the Singapore Stock Exchange about an IPO.

Sources told Reuters a Friday deadline has been set for banks to submit formal proposals to CVC.