(CNN) -- The Williams F1 team will be the first from the motorsport to offer shares on the stock market, it announced on Wednesday.
Co-founder Sir Frank Williams told reporters that the Britain-based outfit will make an Initial Public Offering (IPO) on Germany's Frankfurt Stock Exchange on March 2.
The listing will be in Frankfurt in order to avoid having to disclose the details of certain commercial contracts, which would not be possible in London.
"This IPO marks a new era in the history of our team. Our future as an independent constructor is sustained by this listing, providing us the base from which to further grow," the 65-year-old said.
Williams, who has overseen 16 world driver and constructor titles since the team's inception in 1978, said he and co-founder Patrick Head will be selling some of their shares -- 27.39% of the total 10 million holding will be made available.
They will be priced between €24 ($33) and €29 ($40) per share, with the company valued at €265 million euros ($363 million).
Williams, who has 56% of the shares, will retain a controlling stake and remain team principal.
Former technical director Head, meanwhile, will sell 17% of his 23% holding but will stay involved in the factory side of the operations.
Head said that fellow shareholder Christian Wolf had been behind the initiative.
"I don't think Frank and I would have contemplated that on our own. For myself, as a minority shareholder, at the age of 65, although I am retaining some shareholding going forward, it seemed a good time to raise some value from my shares," he told Autosport.com in an interview after the main press conference.
"So ultimately, that is the motivation. I have obviously spent most of my life in F1 and, for Frank, it is the be-all and end-all, and he will go on as long as he feels that is capable of contributing to Williams -- which I am sure is quite a few more years to go."
Williams Group chairman Adam Parr said recent years had been spent focusing on making F1 viable in the long-term.
"Having accomplished this, the time is now right to assure Williams' own future as an independent constructor in this rapidly-evolving industry," he told reporters.
The flotation will come less than two weeks ahead of the opening race of the 2011 F1 season in Bahrain on March 13.
Brazilian veteran Rubens Barrichello will be Williams' main driver alongside Venezuelan rookie Pastor Maldonado, with the team seeking to improve on last year's sixth placing in the constructors' standings.