HONG KONG (Reuters) - Motor racing business Formula One will start pre-marketing for its up to $3 billion Singapore initial public offering on May 22 after receiving approval from the city's stock exchange for the deal, a source with direct knowledge of the plans said on Monday.
The company is seeking to raise between $2.5 billion to $3 billion, vying to rank among the top IPOs in the world this year after Facebook Inc
The IPO is set to be priced before the end of June, after the company and its bankers meet with investors and fund managers to gauge demand for the IPO, added the source, who was not authorized to speak publicly on the matter.
Formula One, which holds 20 races around the world and has a more than 500 million television viewers, is controlled by private equity firm CVC Capital Partners, with a 63.4 percent stake.
CVC plans to reduce its stake as part of the IPO along with other shareholders in Formula One, the source added.
Formula One earlier this month unveiled a $1.8 billion refinancing package to help lay the groundwork for the IPO.
(Reporting by Elzio Barreto; Editing by Matt Driskill)