Aston Martin announces IPO plans
NYSE President Stacey Cunningham on the state of the IPO market this year.
Aston Martin made it official on Wednesday, alerting U.K. stock market regulators that it plans to list at least 25 percent of the company on the London Stock Exchange.
The British sports car maker, known for its role in James Bond movies and luxury cars like the DB11, plans to launch a stock market listing in London later this year, according to Dow Jones Newswires.
The company did not comment on the pricing range or value of the initial public offering (IPO), but Sky News reported earlier that Aston Martin’s IPO would value the automaker at roughly $6.4 billion.
The IPO would come three years after Fiat Chrysler Automobiles spun off Ferrari and listed the iconic Italian supercar builder on the New York Stock Exchange. Ferrari shares are up 14 percent over the past year.
Aston Martin reported an 8% increase in revenues in the six months to the end of June to 444.9 million British pounds ($573.2 million) and a 14% increase in adjusted earnings before interest, tax, depreciation and amortization to 105.9 million British pounds. "This is a good basis upon which to make our IPO," said Aston Martin CEO Andy Palmer, in an interview with The Wall Street Journal.
Aston Martin is owned mostly by investors in Kuwait and Italy.