London, June 1 (ANI): Formula 1's 10 billion dollar flotation on the Singapore stock market is set to be pushed back until later this year due to volatility in the world's stock markets.
F1 CEO Bernie Ecclestone said that he hoped the initial public offering (IPO) would be complete by the end of June, but the F1 board, controlled by its largest shareholder, private equity firm CVC, has not yet announced a launch date.
Ecclestone signalled that the deteriorating climate for equities, and the recent Facebook IPO crash as well as the postponed Graff diamond company shares launch, instigated the board to decide not to float until later in the year.
"They would say let's wait because it may go down 20pc so why should we buy now? The rest of the stock market worldwide has fallen so why should a new stock be any different? It's even worse with what has happened in the last month," the Telegraph quoted Ecclestone, as saying.
"With the market generally as it is why would anyone buy into any company today, even if it has got bloody good earnings and records?" he added.
Facebook has lost 22pc of its value since floating on the Nasdaq on May 18, while Graff has just pulled out of its 1 billion dollar IPO listing in Hong Kong.
So far this year 46 companies have withdrawn or postponed IPOs in Asia worth a total of 7.7 billion dollars. (ANI)
