Following a hundred year roller coaster ride towards profitability, Aston Martin can now officially say they are profitable enough to list their name on the London Stock Market with an Initial Public Offering (IPO). Talks of Aston Martin going public have been in the rumormill as early as 2008 when the brand was sold by Ford to Prodrive founder David Richards, but it appears it took them a full decade to finally realize this for the iconic British marque.
With roughly 25% of the brand being offered for trading, each share is valued at $24.60 with a total of 57 million shares being listed. All told, Aston Martin, taking the AML ticker on the boards, is currently valued at $5.6 billion. With only a quarter being offered for public trading, majority of the Aston Martin shares are held by German auto group Daimler holding 4.9%, Kuwait’s Investment Dar, and Italy’s Investindustrial. A good portion of shares have also been offered to eligible Aston Martin employees and select Aston Martin owners based in the United Kingdom.
Prior to this move, Aston Martin have established a board of directors wherein Penny Hughes as been named chairman and Andy Palmer remains as chief executive officer.
“I’m delighted and proud to open trading at the London Stock Exchange, as Aston Martin lists on the register and becomes the first automotive company to be listed on the LSE for 28 years.” said Dr. Andy Palmer over Twitter.
So far Aston Martin has been on their best profitability over their 105 years in existence, with their company reporting a profit of $54 million over the first six months of the year. The British sports car marque is set to produce 6,200-6,400 vehicles a year and is poised to further develop their Second Century Plan with more models in the pipeline, including fully electric vehicles and hybrids.