Formula One delays launch of Singapore IPO

Formula One, which was expected to kick off the management roadshow and institutional bookbuilding for a $2.5 billion to $3 billion IPO tomorrow, has decided to delay the launch due to the current poor market environment, sources said on Friday.

The delay, which was communicated to investors just one day after Graff Diamonds decided to pull its $1 billion initial public offering in Hong Kong due to insufficient demand, is further evidence of how precarious the equity capital markets have become. According to bankers, investors are asking for significantly wider discounts than they would normally do as they worry about the risks related to the upcoming Greek election, which...