Aston Martin preparing for sharemarket float – report
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Aston Martin preparing for sharemarket float – report
The owners of Aston Martin have reportedly engaged outside help with a view to floating on the stock exchange, or selling a significant stake.
According to Reuters, a group of Kuwaiti investors and Investindustrial, an Italian private equity group, who together own over 90 per cent of Aston Martin, have hired investment bank Lazard to explore sale options.
Sources told the news agency Lazard is working towards an initial public offering (IPO) in either the third or fourth quarter of 2018. Other options being explored include a trade sale.
Any sharemarket listing or sale of shares would reportedly value the sports car maker at between £2 and £3 billion ($3.5 and $5.2 billion).
Above: Aston Martin Vantage.
Aston Martin is in the midst of a new product onslaught, with the DB11 launched early last year, and the new Vantage unveiled late last month. The company broke ground on a new factory in St Athan, Wales, in April, where it will produce the DBX crossover.
Although Aston Martin has lost money for the last six years, global sales were up 65 per cent to 3330 vehicles in the first nine months of 2017, helping generate pre-tax profits of £22 million ($38 million).
Above: Aston Martin DB11 Volante.
Led by Investindustrial, the majority shareholders reportedly believe now might be a good time to cash out on their investment.
Reuters’ sources say a final decision has yet to be made, and the Italian and Kuwaiti investors could still decide to keep their stake.
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