Advertisement
Aston Martin Associated Press

LONDON (AP) — Aston Martin, the maker of James Bond’s favorite sports car, said Wednesday it may sell shares for the first time as it seeks to attract more wealthy buyers with an expanded product range including sedans, sports utility vehicles and even submarines.

The company said it will sell at least 25 percent of Aston Martin’s shares if it decides to go forward with an initial public offering on the London Stock Exchange. Details of the IPO would be published around Sept. 20.

The announcement came as Aston Martin said first-half pre-tax profits rose to 20.8 million pounds ($26.8 million) from 20.3 million pounds during the same period last year.

Read More: You Won’t Find a More Classic Movie Car Than James Bond’s Aston Martin DB5

Chief Executive Andy Palmer said the potential IPO “represents a key milestone in the history of the company.”

Laith Khalaf, an analyst with Hargreaves Lansdown, said the expected value of the company could put it near the top end of the FTSE 250 index of mid-sized U.K. companies.

Noting that when Ferrari floated in 2015 it took the stock ticker RACE, Khalaf quipped that Aston Martin should go for “007.”

“There are few people who wouldn’t want an Aston Martin on their drive, and even fewer who can afford one,” he wrote to investors.

“However this stock market float allows investors to buy into a little of the glamour of Aston Martin, without getting a second mortgage.”

But he added that potential investors should “concentrate on the company’s financial prospects and not to get carried away by the brand.”

Read More: Aston Martin Is Recalling Thousands of Cars over Serious Transmission and Fire Risk Issues

Author placeholder image About the author:
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Our teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. We provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
View More Articles

Associated Press

Engaging Car News, Reviews, and Content You Need to See - alt_driver Studio

Stories You Might Like