Williams F1 Shares Drop on Debut Day of Stock Flotation
By Community | March 3, 2011
Williams Formula 1 began the stock flotation of their team yesterday, March 2, seeing their shares fall on the first day of trading on the Frankfurt bourse.
Williams Grand Prix Holdings ended the day 3.8 per cent lower at US$33.68, after starting at $34.99, but had been as low as $32.64 at one point.
A 24 per cent stake in Williams has been floated, raising about $83m for the team and co-founder Sir Frank Williams, who will remain majority shareholder and team principal, said the share listing would help Williams remain an independent company.
Williams stated “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 further grow,” he added.
Williams chairman Adam Parr cautioned against reading too much into the early falls in the shares, stating to Reuters news agency: “Its not an easy moment to be born into the financial market.”
He added that early trading was not usually indicative of the general growth potential of the company.