SINGAPORE - Singapore's stock exchange has given the green light for an initial public offering of Formula One shares worth more than US$2.5 billion (S$3.2 billion), Dow Jones Newswires reported on Tuesday.

The report, quoting sources familiar with the matter, said private equity firm CVC Capital Partners, which holds a majority stake in Formula One's holding company, was expected to start pre-marketing "very soon".

No comment was immediately available from the Singapore Exchange.

International roadshows are likely to start by the second week of June with the aim of listing on the Singapore bourse by the end of the month, Dow Jones said.

The report follows Friday's share listing in the United States of Facebook, which valued the web giant at US$104 billion before shares plunged.

If successful, the Formula One flotation it would be Singapore's biggest initial public offering this year.

With Europe facing a debt crisis and the US economic recovery still gaining traction, companies are looking at Asia's cash-rich capital markets to raise funds.

English football giants Manchester United are also looking to Singapore to launch an IPO.