Aston Martin sets €5.07bn float valuation

By Wale Azeez, business reporter
Luxury carmaker Aston Martin is looking to raise up to ?1.3bn when it floats on the London Stock Exchange next month, seeking a market valuation of up to ?5.07bn.
The Lagonda and DB7 manufacturer has set share price range for its imminent listing at between €17.50 and €22.50 per ordinary share.That range will give the company a likely market capitalisation of between €4.02bn and €5.07bn.The company will be the first UK carmaker to float in London since the 1980s.It hopes to announce its final pricing by 3 October and expects its shares to be admitted to the stock exchange around 8 October.Releasing its Initial Public Offering (IPO) prospectus on Thursday, Aston Martin confirmed that it will be floating a 25% stake in the business equivalent to approximately 56,775,792 shares.Those shares will come from existing shareholders, including Investindustrial, Adeem Investments, Primewagon and senior management.
Aston Martin sets €5.07bn float valuation

Aston Martin CEO Andy Palmer says it has boosted manufacturing
Aston Martin president and group chief executive Andy Palmer said the company was pleased to be able to offer shares "not only to institutional investors but also to our eligible UK resident employees, customers and members of the Aston Martin Owners Club".Aston Martin said that German car giant Daimler will remain a stakeholder and will now sell down its holding at the IPO, converting its current non-voting stake of 4.9% to shares.
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