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Aston Martin Refines Stock Price Range Ahead of IPO
Aston Martin Lagonda Ltd. has narrowed the price range for the shares it will offer on Wednesday through an initial public offering.
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Aston Martin Lagonda Ltd. has narrowed the price range for the shares it will offer on Wednesday through an initial public offering.
The shares will sell between £18.50 and £20 ($24-$26), compared with an originally proposed range of £17.50-£22.50. The update values Aston Martin at £4.2 billion—£4.5 billion ($5.5 billion-$5.9 billion).
At the top end of the range, Aston Martin would trade at 19 times earnings, compared with about 22 for Ferrari NV, which went public three years ago.
The company, which has gone through bankruptcy seven times since its founding in 1914, reported a £21 million ($27 million)pretax profit in the first half of 2018 on revenue of £450 million ($587 million).
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