Aston Martin's market debut will be closely watched, after several big European IPOs got off to a cautious start last week when crowd-lending platform Funding Circle FCH.L traded down on its debut while Swiss packaging company SIG Combibloc SIGNC.S booked gains.
According to The Guardian, James Bond's carmaker of choice had initially indicated that shares would be priced between £17.50 and £22.50. It hopes its stock market listing will allow it to invest in higher production volumes and new products and has a near-term aim of building 10,000 units in 2020.
This entry on the Stock market "represents a historic step for Aston Martin" and "we are delighted with the positive reception that we have received from investors around the world", welcomes Andy Palmer, managing director of the company, quoted in the press release.
The IPO sees investors Investindustrial, Adeem Investments, Primewagon and senior management pocket more than £1 billion between them as Aston floats 57 million shares. It's an incredible turnaround considering 2017 was the first time in seven years that the company had recorded a profit. In August, it was revealed that the company had a 14% increase in revenue in a single half-year, bringing total revenue up to just short of £450 million.
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The hotly-anticipated move is the largest IPO in the global automotive sector since Italian luxury vehicle giant Ferrari listed on Wall Street three years ago.
The flotation follows a sale of shares by its main owners, Kuwaiti and Italian private equity groups.
Aston Martin, which has a history of bankruptcy filings, is now producing healthy profits.
Germany's Daimler AG meanwhile will not sell down its Aston Martin holding as part of the IPO, and will instead convert its non-voting 4.9-per-cent stake to shares.
At the time of the IPO, he said: "Today's results show that we have continued to deliver sustainable growth, margins and value for our shareholders whilst launching three new models and variants in the first half of the year".