Aston Martin London Stock Exchange flotation intent confirmed
Aston Martin is set to list shares for sale on the stock exchange in the coming weeks, as financial results show record profits
The formal launch of the firm’s initial public offering (IPO) will see up to £1bn of shares in Aston offered for sale. The firm has today submitted a Registration Document with the British Financial Conduct Authority, with a prospectus due to be published on or around Septembet 20.
Aston Martin also published its half-year financial results, showing a 14% rise in revenue to just under £450m, with pre-tax profits rising from £20.1m to £20.8m. The initial public offering is expected to see the company valued at up to £5bn, with 25% of its shares offered in the listing.
The British supercar maker is currently owned by Italian and Kuwaiti shareholders, with other minority investors. Investindustrial took a 37.5% stake in Aston Martin in 2012, with Daimler also owning a 5% share. With interest globally, there was debate about whether the company should float its shares in London or New York.
Rival carmaker Ferrari had great success with its stock market flotation in 2015, doubling the company’s value to around £15bn in little under a year. McLaren has also considered a stock market entry in a bid to further boost investment.
Source: Autocar Online