Aston Martin Makes Public Trading Debut on London Stock Exchange to Mixed Reaction
The company's first ever IPO was set at £19 per share.
This morning, luxury sports car manufacturer Aston Martin made an initial public offering (IPO) on the London Stock Exchange after announcing its intentions to do so on Sept. 10. The now publicly traded company is officially branded as "Aston Martin Lagonda Global Holdings PLC" and is represented by the letters AML on the London Exchange. IPO price was set at £19 ($24.70). With 57 million shares now on the exchange, they account for about 25 percent of the company's $5.6 billion total value.
"Today's listing on the London Stock Exchange represents a historic milestone for Aston Martin Lagonda," company CEO Andy Palmer stated in a release from the London stock exchange. "We are delighted by the positive response we have received from investors across the world and are very pleased to welcome our new shareholders to the register. We are excited about the momentum across the company and are fully focused on continuing to deliver our exciting growth strategy through the Second Century Plan."
Aston has certainly had a lot to prove in recent years, pumping life into its once-dated lineup with a brand new Vantage, and several variants of the DB11. The automaker is also exploring electrified drivetrains with its Lagonda sub-brand and has partnered with engine builder Cosworth to produce the Vulcan hyper-hybrid.
In the company's first day on the exchange, investor reaction to the stock was mixed. After opening at £19 per share, Aston Martin Lagonda traded flat for approximately 20 minutes before beginning to decline. The stock saw its lowest point at 1:20 p.m. London time when it hit £17.45 per share—a drop of 8.2 percent. Aston was able to recover somewhat through the day and ended with a closing price of £18.10, five percent lower than when the day began.