Aston Martin stock steers south in disappointing IPO
October 4, 2018
Aston Martin, the sports car manufacturer featured in the James Bond franchise, has gone public in London, reaching an initial valuation of £4.3 billion (about $5.6 billion) by listing shares for £19 apiece. The company's stock immediately dropped in its first day of trading Wednesday, finishing down 5% at £18.10 per share. Aston Martin initially sought a valuation of some £5 billion with the offering.
The UK's Investindustrial reportedly purchased a 37.5% stake in the famed carmaker in 2012 for £150 million and pledged to devote another £500 million over the next five years, while a consortium led by Kuwait's Investment Dar has owned a majority stake in Aston Martin since 2007.
Aston Martin's post-IPO valuation was larger than that of any other PE-backed public offering in Europe so far this year, according to the PitchBook Platform. It was the first public debut for a UK-based car company since Jaguar listed more than 30 years ago, per Bloomberg.
The UK's Investindustrial reportedly purchased a 37.5% stake in the famed carmaker in 2012 for £150 million and pledged to devote another £500 million over the next five years, while a consortium led by Kuwait's Investment Dar has owned a majority stake in Aston Martin since 2007.
Aston Martin's post-IPO valuation was larger than that of any other PE-backed public offering in Europe so far this year, according to the PitchBook Platform. It was the first public debut for a UK-based car company since Jaguar listed more than 30 years ago, per Bloomberg.
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