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Home Tech Automobiles

Aston Martin to Go Public with $6.4 Billion Flotation

by Aniruddh Parmar
August 29, 2018 - Updated On August 30, 2018
in Automobiles, Business, Cars, News
Reading Time: 2 mins read
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Aston Martin IPO
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Aston Martin IPO

The British luxury car maker, Aston Martin has announced their ‘potential intention’ to undertake an initial public offering (IPO) and the expected publication of a registration document that has been submitted for approval to the UK Financial Conduct Authority. The company says they would initially float at least 25% of the company at an estimated valuation of around $6.4 Billion.

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The company has said that a newly-incorporated company would become the parent of the Group. This newly-incorporated company would apply for the admission of ordinary shares to the premium listing segment of the Official List of the FCA and for trading on the Main Market of the London Stock Exchange.

Also read: Aston Martin Valkyrie Will Have 1130 HP Cosworth engine

With this, Aston Martin will become the first British luxury car company to go public. Many such British luxury car brands were destined to be sold to big companies in the past, like Rolls-Royce (to BMW), Bentley (to Volkswagen group), and Jaguar-Land Rover (to Tata Motors).

The road for the Aston Martin has not been smooth so far. Despite a glorious 104-year history and James Bond’s fame, the company has been making a loss until last year. The situation turned around last year when the British marque announced a pre-tax profit of $112 million. This sudden comeback is said to be the result of the new leadership at the top and also of the expansion of the range that Aston Martin is focusing on.

Also read: Will Never Build a Sports Car, Says Bentley Boss

At the announcement of the IPO intentions, Aston Martin Lagonda’s President and CEO, Dr. Andy Palmer said:

“Today’s announcement represents a key milestone in the history of the company, which is reporting strong financial results and increased global demand for its award-winning sports cars. As we continue to execute our Second Century Plan, combining a product offensive and expanding manufacturing footprint, we have the resources and balance sheet strength to continue delivering on our growth strategy.”

Image via Aston Martin

Tags: Aston MartinCar companyIPOLuxury cars
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