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Formula One hits the brakes on IPO

  • Motor sport racing firm Formula One has delayed its Singapore initial public offer (IPO) worth up to $3 billion as weaker global markets hit new listings.

    Formula One is the fifth big IPO that has been postponed or pulled in the past week.

    Money raised from worldwide stock market flotations has slumped 46 percent so far this year, compared to the same period in 2011.

    On Thursday, London luxury jeweller Graff Diamonds abandoned plans for its $1 billion IPO in Hong Kong.

    Social network Facebook, following one of the most highly anticipated listings, has seen its shares plummet from an initial price of $38 each to $29.60.