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 yesterday told Reuters that a Friday deadline has been set for banks to submit formal proposals to CVC – which owns 63.4 per cent of Formula 1 – and its advisers. A final decision on the banking mandates will be made on or around 24 April, with the aim of listing in July.
Top investment banks will be pushing hard to play a role in underwriting the deal, not only for the fees involved but for the prestige of being part of such a high-profile offering. About 15 per cent of the business is expected to list, raising about $1.5bn.