Aston Martin reveals details for IPO

Aston Martin reveals details for IPO

Aston Martin has revealed further details of its stock market flotation.

The luxury carmaker plans to value itself at between £4.02 billion and £5.07 billion on the London Stock Exchange.

“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,” said Andy Palmer, the chief executive.

“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,” he added.

Shares will be sold between £17.50 to £22.50 and approximately 56,775,792 shares will be floated, equating to a 25 percent stake in the business.

Trading will start on or around October 8.

The IPO is a significant step for a business that has gone bankrupt a total of seven times.

Unlike many other car manufacturers, Aston Martin has said it is not concerned about Brexit and trade wars but has said that it does not want tariffs following the UK’s departure from the EU.

The group appointed Penny Hughes, a former Coca-Cola executive, as its chair last week.