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Aston Martin to sell shares on the London stock market Aston Martin to sell shares on the London stock market
(35 minutes later)
Shares in luxury carmaker Aston Martin have been priced at £19 a share, valuing the firm at £4.3bn.Shares in luxury carmaker Aston Martin have been priced at £19 a share, valuing the firm at £4.3bn.
The price is just below the middle of the range of between £17.50 and £22.50 it hoped to sell them at.The price is just below the middle of the range of between £17.50 and £22.50 it hoped to sell them at.
The company, which has a long link with James Bond films, has gone bust seven times in its 105 year history.The company, which has a long link with James Bond films, has gone bust seven times in its 105 year history.
The listing is the first by a UK carmaker for years, following the sale of brands such as Jaguar, Bentley and Rolls-Royce to foreign owners.The listing is the first by a UK carmaker for years, following the sale of brands such as Jaguar, Bentley and Rolls-Royce to foreign owners.
The listing will raise at least £1bn for the firm. Aston has a further number of shares it will release if demand is strong enough, which would mean 27% of the company would be publicly traded. It will raise at least £1bn for the firm. Aston has a further number of shares it will release if demand is strong enough, which would mean 27% of the company would be publicly traded.
Andy Palmer, president and group chief executive, said the move was an historic moment: "We are delighted by the positive response we have received from investors across the world and are very pleased to welcome our new shareholders to the register."Andy Palmer, president and group chief executive, said the move was an historic moment: "We are delighted by the positive response we have received from investors across the world and are very pleased to welcome our new shareholders to the register."
In August, Aston Martin reported half-year profits of £42m.In August, Aston Martin reported half-year profits of £42m.
New marketsNew markets
Despite an illustrious history and a brand name synonymous with 007 films, Aston Martin has struggled for decades to make a profit. Despite an illustrious history and a brand name synonymous with 007 films, Aston Martin had struggled for decades to make a profit.
But under Mr Palmer, a former Nissan executive, the company has been broadening its product range and has moved into new areas.But under Mr Palmer, a former Nissan executive, the company has been broadening its product range and has moved into new areas.
Aston's projects include building an electric flying car, luxury homes in the US, and even a personal submarine.Aston's projects include building an electric flying car, luxury homes in the US, and even a personal submarine.
It expects full-year sales for 2018 to rise to between 6,200 and 6,400 units, and in the medium-term it aims to build nearly 10,000 in the 2020 calendar year.It expects full-year sales for 2018 to rise to between 6,200 and 6,400 units, and in the medium-term it aims to build nearly 10,000 in the 2020 calendar year.
Part of its turnaround strategy strategy involved targeting female buyers - no easy task given the company has sold fewer than 4,000 cars to women in its 105-year history.Part of its turnaround strategy strategy involved targeting female buyers - no easy task given the company has sold fewer than 4,000 cars to women in its 105-year history.