Aston Martin to File for Initial Public Offering: Report
If you can’t afford an actual Aston Martin, you may be able to afford shares of the company.
Aston Martin is expected to file for an initial public offering in London later this year that could ultimately make the luxury automaker worth about $6.8 billion, according to Bloomberg News, citing anonymous sources.
The company, whose vehicles were made famous by James Bond, reportedly hired investment bank Lazard, possibly to make plans for an IPO in the latter half of this year, Reuters reported last month, also citing anonymous sources.
Aston Martin reported record sales of more than 5,000 vehicles in 2017. But the company has still faced some challenges. Aston Martin recalled 5,000 vehicles built between 2009 and 2016, as The Drive previously reported. As early as May 2017, prior to the recall, Aston Martin was rumored to be planning an IPO, according to Bloomberg.
Despite these growing pains, Aston's growth has been tremendous in recent years with CEO Andy Palmer commandeering the British marque. Megaprojects like the Valkyrie hypercar as well as a potential Formula 1 bid could bump the company into a similar category as Ferrari and other global giants. With expanded road car and racing efforts in the cards, public backing could be what Aston Martin needs to transition to the upper echelon of sport luxury manufacturers.
Aston Martin didn't immediately respond to The Drive's request for comment, but previously declined to comment to other news outlets on speculation of an IPO.
--Althea Chang contributed to this story