Formula One Group, the motor racing franchise owned by private-equity firm CVC Capital Partners, received the go-ahead from the Singapore Exchange for a $2.5 billion initial public offering (IPO) ahead of a listing next month, people familiar with the situation said Monday.
In what could be the city-state's first high-profile overseas listing in more than a year, F1 is set to begin a pre-marketing process "very soon," the people said, with order-taking in international roadshows slated for the second week of June and listing scheduled for the end of June.
CVC has held a majority stake in F1's holding company since 2006 and will sell down part of its stake, the sources said.
If successful, the IPO will be Singapore's biggest so far this year and comes as Singapore vies with Hong Kong to attract foreign listings and lift its stock exchange's profile.
