Aston Martin prices shares at £19, valuing company at $5.9bn | Leadership

Kenny Grant
October 6, 2018

Luxury British carmaker Aston Martin has cut the upper end of its initial public offering price range to 20 pounds per share, giving it a potential market value of up to 4.6 billion pounds ($6 billion), following mixed feedback from investors. Another firm, British crowd-lending platform Funding Circle, saw its shares crash 24 per cent on their first day of trading.

"We think increased trade barriers are unlikely to influence a driver's decision to buy an Aston Martin".

Fiona Cincotta, Senior Market Analyst at CityIndex told LLB: "Many eyes were on Aston Martin today, which began trading in the London market after much hype in the run up to the listing".

"We are excited about the momentum across the company and are fully focused on continuing to deliver our exciting growth strategy".

"It is clear to us that in terms of consistency of returns, Ferrari is superior with a better financial strength rating", analysts from Quest, a division of Canaccord Genuity, wrote in a report, noting that Aston Martin didn't generate any operating free cash flow past year.

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The shares fell to as low as 17.75 pounds and were down 5 percent at 0935 GMT.

"For your IPOs only", said Accendo Markets analyst Mike van Dulken in reference to 1981 Bond flick "For Your Eyes Only", which starred Roger Moore in the lead role.

Investors in Aston Martin made informal approaches to Ferrari about a deal soon after Sergio Marchionne took the reins at the Italian supercar maker in late 2014, Bloomberg News reported Tuesday. Last year, the company managed its first profit since 2010. Palmer called the IPO a "key milestone" in Aston's history.

Given that the list price of a brand new entry level Aston Martin is around £120,000, it's fair to say that James Bond's choice of motor is reserved usually for the exclusive buyer.

Some of the company's current shareholders, as well as UK-based employees, customers and owners club members, will get preferential offers on shares, or in the case of Daimler, be able to retain its 4.9% stake for another year.

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