Williams F1 group shares stall on debut trading day
Shares in British Formula 1 racing group Williams stalled on their first day of trading following its €60m (£51m) flotation.
The company, whose AT-amp;T Williams team finished sixth in the F1 constructors' championships last year, listed around 24% of its shares on the Frankfurt Stock Exchange in a move which will allow co-founders Sir Frank Williams and Patrick Head to plan their eventual retirement.
The initial public offering comprised 2.4m existing shares at €25 (£21) a piece, at the lower end of an estimated range of €24 to €29, valuing the placement at €60m.
But shares slowed 4% to €24.05 on the first day - valuing the whole company at around €253m (£214m).
Following the trading debut, Sir Frank said: "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."
The majority of shares sold were owned by co-founder Patrick Head, who still has a 9% stake in the group. Sir Frank, who is team principal, owns just over 50%, while former racing driver Christian Wolff has a 16% stake.
Last month, the company said the move will provide stability for the business.
But the company has stressed that Sir Frank will remain in charge for the foreseeable future.