Motor racing business Formula One Group has decided to delay its initial public offer on the Singapore stock exchange, dropping plans to lodge a prospectus with regulators there next week, a source familiar with the decision said on Friday.

The source, who was not authorised to speak publicly on the matter, said the offer, worth up to $3 billion, had not been abandoned altogether but would not be going ahead for "some time". Weak markets have hit planned IPOs hard, with luxury jeweller Graff Diamonds pulling its offer on Thursday.

Formula One, whose major shareholder is private equity firm CVC Capital Partners, was in pre-marketing mode and had been planning to launch a preliminary prospectus with the Monetary Authority of Singapore next week.