May 21 (Bloomberg) -- Singapore’s stock exchange approved Formula One’s plan to raise as much as $3 billion in an initial public offering in the city-state, three people with knowledge of the matter said.
The people asked not to be identified because the information is private. Loh Wei Ling, a spokeswoman for Singapore’s bourse, didn’t immediately answer a call to her office seeking comment.
Formula One’s IPO may be Singapore’s largest since February 2011, according to data compiled by Bloomberg, helping it challenge Hong Kong in drawing listings by brand-name companies. Italian fashion house Prada SpA picked Hong Kong for its $2.1 billion IPO in June last year.
The owner of the Formula One racing series would have to overcome a stocks selloff that’s pushed the MSCI World Index down 9 percent this month amid concerns that Greece may exit the euro.
Goldman Sachs Group Inc., Morgan Stanley and UBS AG are lead managers for Formula One’s IPO, people with knowledge of the matter said last month. DBS Group Holdings Ltd., CIMB Group Holdings Bhd and Banco Santander SA have also been retained for the sale, they said.
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