Aston Martin prices shares at £19, valuing company at $5.9bn
Aston Martin, the British luxury car manufacturer, has revealed the pricing of its shares ahead of its debut on the London Stock Market.
The automotive firm has priced its shares at £19 each (US$24.68), bring its total value to £4.3bn ($5.6bn.)
The company’s existing shareholders are to sell 25% of Aston Martin, leaving market capitalization at £4.33bn, Reuters reported.
The firm had recently announced the price range of its shares – between £17.50 ($22.73) and £22.50 ($29.23).
On 1 October the price range was narrowed even more to between £18.50 ($24.03) and £20 ($25.98).
When announcing the amended pricing, Aston Martin also confirmed that the company had enough bid interest to cover all the shares intended to be sold.
According to sources close to the matter, the firm narrowed the price options towards the lower end of the range due to execution concerns regarding its future strategy.
The company intends to release new core models every year between 2016 and 2022.
Like what you see! Signup for our weekly newsletter