Trading of shares in British Formula One racing group Williams began today on the Frankfurt stock exchange but the initial public offering (IPO) earned less than expected.
Williams raised €60m, well below the €80m it had hoped for, a statement issued by the stock market operator said.
Of the potential 2.7 million shares on offer, only 2.4 million found buyers, and their initial price of €25 was at the lower end of an estimated range of €24-29. Williams' total stock market value now stands at about €250m, with only 24% of the company's equity trading freely.
Co-founder Frank Williams remains the largest shareholder and director.
It is the first Formula One team to list shares in an operation aimed at establishing a stable group of shareholders and raise money to develop new racing cars.
Last month, the Williams Formula One team, which has not won a Grand Prix for seven years, showed off its new FW33 car that it hopes will restore it to the top rank in the sport.
Williams, whose star drivers have included Nigel Mansell, Damon Hill and Ayrton Senna, have been without a world title since 1997 and a race win since 2004.
