The Williams F1 team has released further information regarding its stock market floatation.
Shares will cost between £20 (€24) and £25 (€29) each with a nominal value of £0.05. This amount values the Williams company at over £225m (€265m).
The flotatation is aimed at securing the teams future as an independent constructor in an uncertain climate. The offering includes Williams Hybrid Power (WHP), which is an upcoming business with many future possibilities.
“This IPO marks a new era in the history of our team,” said team owner Sir Frank Williams. “Our future as an independent constructor is sustained by this listing, providing us the base from which to further grow.”
Chairman Adam Parr added: “We have spent the past few years working to ensure a long-term future for the sport. Having accomplished this, the time is now right to assure Williams’ own future as an independent constructor, in this rapidly evolving industry.”
Interestingly, the decision is supported by the CEO of the Formula One Group, Bernie Ecclestone.
“I have known Frank Williams for more than 40 years. He has always run a very efficient organisation,” said the 80-year-old. “He has never wanted to be taken over by either a car manufacturer or a large company.
“He has supported Formula One in many ways most of his life, as has Patrick Head. We want more Franks and Patricks. If I could buy shares in the Company I would.”
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