Aston Martin to go public, valued at $6.7 billion in IPO pricing

The luxury carmaker says it will sell a 25 percent stake for between 17.50 pounds and 22.50 pounds a share, valuing the company at as much as $6.7 billion (5.07 billion pounds).

business Updated: Sep 20, 2018 15:37 IST

A 1969 Aston Martin DB6 Volante convertible sports car on display in Basel in September 2018. (Reuters)

Aston Martin Lagonda, the maker of James Bond’s favourite sports car, plans to raise as much as 1.27 billion pounds ($1.67 billion) when it sells shares to investors for the first time.

The luxury carmaker says it will sell a 25 percent stake for between 17.50 pounds and 22.50 pounds a share, valuing the company at as much as 5.07 billion pounds ($6.7 billion). Aston Martin said Thursday the exact price would be set around October 3.

The company says Daimler will remain a shareholder and won’t reduce its 4.9 per cent stake for 12 months.

Aston Martin CEO Andy Palmer says the share sale “will provide investors with a fitting opportunity to participate in our future success.”

The carmaker was founded in London in 1913 and is headquartered in Gaydon.

First Published: Sep 20, 2018 15:36 IST