Taupo Motorsport Park has undergone a multimillion-dollar revamp in the past 18 months. Photo / Alan Gibson
Taupo Motorsport Park has undergone a multimillion-dollar revamp in the past 18 months. Photo / Alan Gibson
KEY POINTS:
Taupo Motorsport Park - the race track which hosts the New Zealand leg of the A1 GP racing series - is planning to list on the stock exchange.
The Business Herald understands an initial public offer (IPO) is imminent for the locally owned circuit which hosted its firstA1 race in January. A prospectus is due to be registered later this month and it is expected to list on the NZAX.
It is not yet clear how much money will be raised or what size stake will be offered to the public.
Last year it was reported that work done to attract A1 racing was valued at about $13 million. The park consists of a world-class racing circuit with four possible configurations, a drag strip and a business park and conference centre.
Major shareholders include Rotorua Energy Charitable Trust, the Taupo Car Club and several prominent businesspeople from the Taupo region.
Board members include professional director John Loughlin, who is also on the board of Toll NZ, Zespri and Allied Farmers. Loughlin was a former chief executive of Napier-based meat company Richmond.
While the original track dates back to the 1950s, it has undergone a multimillion-dollar revamp in the past 18 months since being chosen as the New Zealand venue for A1 racing.
Auckland businessman Colin Giltrap was one of the key figures behind the push to get the track upgraded although he is not listed as one of its shareholders.
In June 2006 the track won $2 million funding from the Government for the upgrade.
