Aston Martin to go public, valued at $6.7 billion in IPO pricing

The luxury carmaker says it will sell a 25 percent stake for between 17.50 pounds and 22.50 pounds a share, valuing the company at as much as $6.7 billion (5.07 billion pounds).

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.

A 1969 Aston Martin DB6 Volante convertible sports car on display in Basel in September 2018. (Reuters)

The luxury carmaker says it will sell a 25 percent 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 October 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.