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Aston Martin Launches IPO at £19 Per Share
Aston Martin Lagonda Ltd. launched its initial public offering today at a share price of £19 ($22), which values the iconic British carmaker at £4.3 billion ($5 billion).
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Aston Martin Lagonda Ltd. launched its initial public offering today at a share price of £19 ($22), which values the iconic British carmaker at £4.3 billion ($5 billion).
The IPO, which will make nearly 28% of its shares available for public trading, is expected to raise at least £1 billion ($1.2 billion). But the company’s share price sagged as much as 7% in initial trading today.
The IPO is the first for a British carmaker since Jaguar and Land Rover were spun off as an independent company in 1984. JLR was acquired by India’s Tata Motors Ltd. in 2008.
Aston Martin, which has gone bankrupt seven times during its 105-year history, predicts its annual sales will rise from about 6,300 units this year to about 10,000 in 2020. The company posted a profit of £42 million ($49 million) through the first half of 2018.
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