Luxury British sports car manufacturer Aston Martin announced plans Wednesday for listing on the London Stock Exchange.
Aug. 29 (UPI) — Luxury British sports car manufacturer Aston Martin announced plans Wednesday for listing on the London Stock Exchange.
An initial public offering for the company, officially known as Aston Martin Lagonda, would consist of about $1.29 billion in available shares, sources familiar with the plans said. The company would then be valued at about $6.4 billion. More information on the potential listing is expected around Sept. 20, the company said.
By arranging an IPO expected by the end of the year, the company is betting that its potential for growth will help investors overcome fears over potential U. S. tariffs on foreign autos and whatever disruption may occur after Britain’s exit from the European Union, CNN reported Wednesday.
“Aston Martin has been transformed into a luxury business focused on creating the world’s most beautiful high-performance cars,” CEO Andy Palmer said in a statement. “This transformation has delivered significant growth in revenues, unit volumes and profitability.”
The company sold 5,000 cars in 2017 and is on track to sell 6,400 this year. Revenue increased by 8 percent, and profit increased 14 percent, in the first half of 2018, it said.
Aston Martin has been in business since 1913. It achieved international renown in the 1960s as James Bond ‘s car of choice in early films in the series.