Aston Martin aims for £5bn October IPO
Luxury carmaker Aston Martin is seeking a valuation of up to £5.07bn as it set a price range of £17.50 to £22.50 per share for its stock market flotation next month.
The Warwickshire-based sports car manufacturer is expecting 25% of its stock to be floated, nearly 57 million shares.
Aston Martin Lagonda, which is headquartered at Gaydon where it has its principal production facility, also reiterated that Daimler AG of Germany will remain a shareholder and will not sell-down at IPO.
Dr Andy Palmer, president and group CEO, said: “By becoming the only automotive company listed on the London Stock Exchange, Aston Martin Lagonda will provide investors with a fitting opportunity to participate in our future success.
“Our Second Century Plan gives prospective investors deep insight into how we have executed our turnaround and how we are positioned for growth. Over the past four years the benefits of the Aston Martin turnaround to the UK economy have been profound.
“We have secured and created thousands of jobs in the West Midlands and South Wales, boosted our investments in manufacturing and engineering and increased our spend with local suppliers.
“This track record has created significant interest in the Aston Martin Lagonda offer, and we are pleased to offer shares not only to institutional investors but also to our eligible UK resident employees, customers and members of the Aston Martin Owners Club.”
The full details of the offer will be included in the prospectus which is expected to be published by the company later today.
Final pricing is expected to be announced on or around October 3 2018, with conditional dealings in the shares expected to start on the London Stock Exchange at 8am on the same day.
Earlier this month, Aston Martin revealed high profile additions to its board, including a former Coca-Cola executive who is one of Britain’s most experienced boardroom figures, ahead of its flotation.
