Williams share floatation a great success
25 February, 2011
Feb.25 (GMM) Williams’ stock market floatation in Frankfurt next week will be a success, one of the managing banks has been quoted as confirming.
Baader Bank, chosen as the joint lead manager and local bookrunner for Germany in the floating of Williams Grand Prix Holdings Plc, said enough orders have been taken for full subscription, according to Reuters.
Following the cancellation of the Bahrain grand prix, there had been some concern about the Williams floatation when the share pricing range was reduced.
“The (Williams) IPO is very interesting, and I am sure that it will be watched closely by … investors and other teams, like Ferrari, which is allegedly also considering an IPO of its team,” said a Frankfurt based trader.
Indeed, in a statement, Ferrari admitted that Williams’ floatation is a “positive story”, with team boss Stefano Domenicali saying it “demonstrates the vitality of our sport”.
Germany’s Auto Motor und Sport claims Williams lost five sponsors since last year, worth as much as EUR 40 million in funding.
The team therefore replaced its promising rookie Nico Hulkenberg with Pastor Maldonado, whose PDVSA sponsorship is reportedly worth a staggering EUR 33 million.
Auto Motor und Sport said the Venezuelan driver has signed a five-year contract with options.