Frank Williams founder and manager of the WilliamsF1 Formula One racing team revealed details of its initial public offering next month, valuing what will be the first publicly traded Formula One team at $361.3 million.
Williams said shares of a 27.39 percent stake in the company would be priced between $32.72 and $39.54 on the Frankfurt Stock Exchange beginning March 2.
Frank Williams, the principal and co-founder, opted to raise money publicly after losing a number of sponsors in 2010. He will remain the majority and controlling shareholder.
Also, Williams co-founder Patrick Head is selling his shares in the Formula One team. His plans to stand down as director of engineering in the near future.
The 65-year-old Briton set up the championship-winning team with Frank Williams in 1977 and designed a series of world-beating cars.
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