Formula One is delaying its $2.5 billion initial public offering in Singapore, according to sources cited Friday by The Wall Street Journal.
The motor sport franchise made the decision as choppy markets continued to affect equity fundraising efforts globally, people familiar with the situation said.
Owned by private-equity firm CVC Capital Partners Ltd., Formula One Group has been testing investor appetite in a premarketing process.
The decision comes a day after London-based jeweler Graff Diamonds postponed a $1 billion IPO in Hong Kong, with Graff's deal widely viewed as a high-profile test of investors' appetite for new shares.
The effect of Facebook's weak post-IPO performance is being felt even in Asia, and fund managers said investors across the region would be especially wary now that markets have turned south.
"It's not that the companies that are pulling their IPOs are of bad quality; institutional investors just have limited appetite for new offerings, and don't want to add new names to their portfolios and take on too much risk at the moment," David Gaud told the Journal. Gaud is a fund manager at Edmond de Rothschild Asset Management.
