The Williams F1 team has confirmed recent speculation by announcing that it will proceed with its stock market floatation, launching an Initial Public Offering (IPO) on Frankfurt’s Stock Exchange.
We reported earlier that the team was on the verge of listing a shareholding of 28% as a means of securing its long-term future in the sport.
A statement from the team has confirmed that the actual IPO will be for 27.39% of the total shareholding, with team founder Sir Frank Williams retaining a majority and controlling interest after the floatation.
“The offering will consist of … 2,739,383 existing shares, with a nominal value of GBP 0.05 each, of which up to 330,000 shares will come from an over-allotment option,” the statement reads.
“Bookbuilding is expected to begin on 9 February 2011 and is scheduled to conclude on or around 28 February 2011. The first day of trading on the Entry Standard segment of the Frankfurt Stock Exchange is expected on 2 March 2011. The bookbuilding price range and final placement price are expected to be published on or around 9 February 2011 and 28 February 2011 respectively.
The statement also confirmed that prospective investors based overseas can also buy into the outfit, with the statement confirming that the public offer will include “Germany, the UK, Austria and Switzerland and a private placement for institutional investors outside Germany, the UK, Austria and Switzerland, the United States of America, Canada, Japan and Australia.”