Formula One Gets Greenlight for $3 Billion Flotation

Motor racing giant, Formula One could provide Singapore with the largest IPO since February 2011, after several media sources say that the group gained approval to list on the country's stock exchange.

According to three sources familiar with the matter, cited by various media agencies, Formula One is to start pre-marketing for it's IPO, worth $3bn from tomorrow, while the IPO is set to be priced before the end of June this year.

Goldman Sachs, Morgan Stanley and UBS were added to CVC Capital Partners list of lead managers for Formula One's IPO, said the same media sources last month, while DBS Group, CIMB Group Holdings and Banco Santander have also been retained for the sale.

Despite the reported bumper IPO, Formula One Chief Executive Officer Bernie Ecclestone quashed speculation that he will be selling his stake in the business, after saying in March this year that he has no plans to sell his 5.3 percent stake in the offering and will keep his position under CVC's plans.

When IBTimes UK contacted the Singapore Exchange for comment, a representative said: "Singapore Exchange, the Asian Gateway, is the preferred listing platform of local and international companies to meet their funding for business needs. However, we appreciate your understanding that it is not our practice to publicly comment on our dealings with listing aspirants."

However, spokespeople at CVC Capital Partners did not immediately return a call seeking comment today.