Aston Martin is just days away from being floated on the London Stock Exchange, Sky News reports. The publication says that Aston Martin will announce its plans in the coming days alongside interim financial and sales results.
The initial public offering (IPO) will involve the sale of approximately 1 billion pounds ($1.29 billion) of shares in the company, most from existing investors. Shares will begin trading publicly before the year is out and it is thought that Aston Martin’s owners are seeking a valuation between 4 and 5 billion pounds ($5.15 billion to $6.44 billion).
Included in the IPO will be an exclusive offering of stock to Aston Martin customers and an employee share scheme. Additionally, a new chairman and other board members are being recruited.
Aston Martin has reportedly been working on an IPO for a number of months and may also announce a stock offering on the New York Stock Exchange before the year comes to a close.
This year has been a very busy one for the British marque. It has launched a plethora of models, such as the all-new Vantage and the DB11-based DBS Superleggera. Additionally, at March’s Geneva Motor Show it revealed plans to revive the Lagonda brand and is inching towards the launch of an all-electric Rapide. The company is also making progress on the upcoming DBX crossover.
Under CEO Andy Palmer’s guidance, Aston Martin has made a remarkable turnaround in the past few years, and in 2017, reported the highest sales in its history as well as pre-tax profits of 87 million pounds ($112 million).
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