MARCH 2, 2011
Williams F1 makes stock debut
The Williams F1 team was listed on the Frankfurt Stock Exchange Wednesday morning.
Williams Grand Prix Holding PLC made an offering of 2.4m shares priced at 25 Euros per share, totaling 60m Euros. It is the third IPO in Frankfurt this year.
Team boss Frank Williams said, "Our listing marks a new era in the history of the team. Williams' future as an independent constructor is sustained by this listing, providing us the base from which to grow further. Williams offers a unique opportunity to investors, and the response to the offering is recognition of this."
Williams CEO Adam Parr was on the floor of the Frankfurt Stock Exchange this morning, and said, "This listing demonstrates investor confidence in both Williams' future as an independent constructor and its ability to unlock the value of its brand and intellectual property. Williams has solid growth potential which underpins its investment proposition. We will now focus on realising that potential for the benefit of shareholders while continuing our progress back to the front of the Formula One grid."
Williams co-founder Patrick Head is selling more than half his holdings in the IPO, and is set to earn around 36m Euros from the offering, now holding a 9% stake in the company, while Frank Williams, who will reduce his holdings but still remain the majority shareholder, will make around 16m Euros from the sale. Christian "Toto" Wolff holds a 16% stake in the company.
In morning trading the shares were down more than 4%.
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