 "After Man Utd, McLaren Group eyes IPO")
McLaren Group, which runs the Formula 1 team and recently entered the luxury sports car market, said on Friday it would look at listing the company in five years and would consider all markets including Singapore.
Ron Dennis, Executive Chairman of the group, told reporters the company was in the process of more than doubling its production to 4,000 cars per year as it sought to tap demand for luxury cars around the world, particularly in Asia.
“In five years, which is the point of which we have the mathematics to logically have an IPO, we will look at all markets,” Dennis said during a visit to the city state to launch its car in the country and for the Singapore Formula One Grand Prix.
[caption id=“attachment_91001” align=“alignleft” width=“380” caption=“Ron Dennis, Executive Chairman of McLaren, told reporters the company was in the process of more than doubling its production to 4,000 cars per year as it sought to tap demand for luxury cars around the world.AFP”]
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He did not elaborate the size of the float and the structure.
Earlier this year, McLaren introduced the MP4-12C two-seater sports car, which competes with Ferrari 458 Italia and Lamborghini Gallardo and sells for around 168,500 pounds ($260,000) in Britain.
The company, which backs 2008 and 2009 Formula 1 champions Lewis Hamilton and Jenson Button, recently got an investment from Singapore billionaire Peter Lim.
Riding on its popularity in Asia, English Premier League soccer club Manchester United are seeking a $1 billion listing in Singapore although the marketing process is on hold due to volatile markets.
McLaren, which has an estimated value of more than 500 million pounds ($767 million), is in the process of raising the 260 million pounds via a debt-to-equity deal to help fund its future growth.
Dennis, along with Bahrain’s sovereign wealth fund Mumtalakat and Luxembourg-based Tag Group will hold a 53 percent stake in the company upon the completion of the restructuring, while the new shareholders will hold the remainder.