Williams Grand Prix Narrows Range for I.P.O.

Formula One racing team operator Williams Grand Prix Holdings has narrowed the price range for its initial public offering to between 25 euros and 27 euros ($34 to $37) per share, Reuters reported. The company’s founders Sir Frank Williams and Patrick Head, who started the company in 1977, own a majority stake. Austrian private equity investor Christian ‘Toto’ Wolff holds a roughly 10% stake Williams Grand Prix, Reuters said. The company will list on the Frankfurt exchange.

(Reuters) – Formula One racing team operator Williams Grand Prix Holdings has narrowed the price range for its Frankfurt listing to 25 to 27 euros ($34 to $37) per share, the team said on Monday.

The British-based former world champion operator, which plans to float up to 2.74 million existing shares, had initially offered the stock at 24 to 29 euros per share, targeting total proceeds of up to 78 million euros.

Sir Frank Williams, who founded the team with Patrick Head in 1977, will remain the majority shareholder following the initial public offering (IPO), while Head plans to sell the bulk of his stake.

Head’s current holding is roughly 27 percent, with Williams having a 63 percent stake and Austrian private equity investor Christian ‘Toto’ Wolff the remainder.

Books on the offering are due to close on Feb. 28, with the first day of trading slated for March 2.

Around 80 percent of orders so far have come from the UK, Germany and Switzerland, reflecting the focus of the roadshow last week, a source close to the offering said.

Williams will be the third Frankfurt IPO this year after German bicycle maker Derby Cycle and software group RIB completed market debuts earlier this month.

Swiss-based Bank am Bellevue is global co-ordinator and global bookrunner, while Baader Bank is joint lead manager and local bookrunner for Germany. ($1=.7308 Euro) (Reporting by Alan Baldwin in London and Josie Cox in Frankfurt; Writing by Kylie MacLellan; Editing by Hans Peters)