You won’t believe how much luxury carmaker Aston Martin is valued at
06 October, 2018, 18:26 | Author: Mary Valdez
Even at the lower figure, Aston Martin's IPO marks a dramatic win for its shareholders who are set to reap a 10-fold increase in less than a decade.
The listing sees investors Investindustrial, Adeem Investments, Primewagon and senior management bank more than Â£1.0 billion between them as the firm floats a quarter of its capital or 57 million shares.
Shares in luxury carmaker Aston Martin were down 6.5 per cent at £17.81 by noon on their first day of trading on the London Stock Exchange.
Palmer said he was "delighted" with the response to the IPO, describing it as a milestone for the company and pledging to deliver on growth plans. Aston has a further number of shares it will release if demand is strong enough, which would mean 27% of the company would be publicly traded.
"It is clear to us that in terms of consistency of returns, Ferrari is superior with a better financial strength rating", analysts from Quest, a division of Canaccord Genuity, wrote in a report, noting that Aston Martin didn't generate any operating free cash flow a year ago.
Neil Wilson, chief market analyst at Markets.com, said the strike price may be "a disappointment for the owners".
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Gaydon, England-based Aston Martin, which is less profitable and carries a weaker balance sheet than its Italian peer, is attempting to build up its presence in the sports auto world with its Vanquish, Vantage and DB models, while reincarnating the Lagonda name to break into the segment now shared by British rivals Rolls-Royce Motors and Bentley.
The vehicles have a long-running association with James Bond, having made their debut in 1964 film "Goldfinger" and more recently in 2015 s "Spectre".
A representative for Aston Martin declined to comment. It's an incredible turnaround considering 2017 was the first time in seven years that the company had recorded a profit.
"Itâ€™s fair to assume the average Aston Martin buyer is less price-sensitive than your average driver".
The British supercar maker is now owned by Italian and Kuwaiti shareholders, alongside other minority investors.
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