Williams’ shares splutter on debut

The company, whose AT&T Williams team finished sixth in the Formula 1 constructors’ championships last year, listed around 24 per cent 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 2.4 million existing shares at 25 euros (£21) a piece, at the lower end of an estimated range of 24 to 29 euros, valuing the placement at 60 million euros.

But shares slowed 4 per cent to 24.05 euros on the first day – valuing the whole company at around 253 million euros (£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 per cent stake in the group. Sir Frank, who is team principal, owns just over 50 per cent, while former racing driver Christian Wolff has a 16 per cent stake.

Last month, the company said the move will provide stability for the business. But the company, whose drivers this year will be Brazilian Rubens Barrichello and Venezuelan Pastor Maldonado, has stressed Sir Frank will remain in charge for the foreseeable future.

Williams has been without a world title since 1997 and a race win since 2004.