Aston Martin intends to steer round Brexit to $6.7 billion IPO

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Luxury British automaker Aston Martin is looking for a price tag of up to 5.1 billion pounds ($6.7 billion) in its stock market debut in October and has prepared for any Brexit outcome, it stated on Thursday.

The company, known for making the sports car stated in August that it planned to sell about 25 percent of its stock in the first initial public offering (IPO) by a British automaker for decades.

A bookrunner for the IPO stated late on Thursday the firm had already got orders for all the stock on sale. A source knowledgeable with the matter stated that was at the bottom end of a price range evaluating the company at 4.02-5.07 billion pounds.

Aston Martin hopes to reveal the final price for its stock on or around October 3 and anticipates it to be admitted to the London Stock Exchange on or around October 8.

However, some experts have raised concerns about the valuation it is seeking.

Automakers have cautioned any customs checks and duties that could result from Britain’s departure from the European Union next March could decrease production and add expenses to an industry that has been among the country’s few manufacturing success stories of these years.

The chief executive of Aston, which constructs all its cars in Britain, stated the company had increased its stock of engines and components in case free and unrestricted trade with the EU ends in a few months’ time.

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