Aston Martin valued at $6.7 billion in IPO pricing

Aston Martin valued at $6.7 billion in IPO pricing | iNFOnews.ca
FILE- In this file photo dated Wednesday, Feb. 24, 2016, an Aston Martin sign is seen outside a dealership on Park Lane in London. Aston Martin Lagonda, the maker of James Bond's favorite sports car, said Thursday Sept. 20, 2018, that it plans to raise as much as 1.27 billion pounds (dlrs 1.67 billion US) when it sells shares to investors for the first time. (AP Photo/Matt Dunham, FILE)

LONDON – Aston Martin Lagonda, the maker of James Bond’s favourite sports car, plans to raise as much as 1.27 billion pounds ($1.67 billion) when it sells shares to investors for the first time.

The luxury carmaker says it will sell a 25 per cent stake for between 17.50 pounds and 22.50 pounds a share, valuing the company at as much as 5.07 billion pounds ($6.7 billion). Aston Martin said Thursday the exact price would be set around Oct. 3.

The company says Daimler will remain a shareholder and won’t reduce its 4.9 per cent stake for 12 months.

Aston Martin CEO Andy Palmer says the share sale “will provide investors with a fitting opportunity to participate in our future success.”

The carmaker was founded in London in 1913 and is headquartered in Gaydon.

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Abbey Westbury

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