Williams reduces listing price range

The Formula One racing team operator Williams Grand Prix Holdings has narrowed the price range for its Frankfurt listing to €25-€27 a share, the team said yesterday.

The British-based former world champion operator, which plans to float up to 2.74 million existing shares, had initially offered the stock at €24-€29 a share, targeting total proceeds of up to €78m.

Sir Frank Williams, who founded the team with Patrick Head in 1977, will remain the majority shareholder following the initial public offering, while Mr Head plans to sell the bulk of his 23.5 per cent stake. Sir Frank has a 56.7 per cent stake, while the Austrian private equity investor Christian "Toto" Wolff owns 16.3 per cent. An employee benefit trust owns the rest.

Books on the offering are due to close on 28 February, with the first day of trading slated for 2 March. Williams will be the third Frankfurt IPO this year.