Formula One was among the latest casualties of the uncertain economic environment when it announced on June 1 that it would be delaying its planned Singapore IPO, which was slated to be as large as US$2.5 billion. The IPO was in the pre-marketing stage when it was pulled due to volatile markets.

The motor sport racing company clarified, however, that it is not completely scrapping the deal but is instead waiting for a more opportune time to enter the market.

A report from Dealogic finds that Formula One marks the largest new listing to be postponed in Asia ex Japan since Sany Heavy Industry delayed its US$3.1 billion new listing on September 2011. Formula One currently holds the dubious distinction of being the largest delayed listing year to date.

This IPO overtakes Graff Diamond’s planned US$1 billion Hong Kong offering, which was held off one day before Formula One’s announcement. It was the latest in a week of dismal news for the markets, which had just seen China Yongda Automobile Services push back its US$433.1 million Hong Kong IPO.

In Asia ex Japan, new listings have totalled US$16.6 billion through 161 deals as of June 1, down 69% for the same period in 2011 (US$53.4 billion via 258 deals) and the lowest level since post-crisis 2009.

The value of withdrawn listings in the region drew a similarly bleak picture – as of June 1 2012, pulled IPOs total US$4.996 billion, up 87% from US$2.675 billion for the same period in 2011. - NP