007 carmaker targets £5.1-billion IPO

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London (AFP)

Aston Martin, the luxury sports car brand driven by fictional spy James Bond, said Thursday that its London float will value it at up to £5.1 billion ($6.7 billion, 5.7 billion euros).

The company said in statement that the launch is scheduled for early October with a price range of £17.50 to £22.50 per share.

The initial public offering (IPO) values the entire group at between £4.0 and £5.1 billion. That was broadly in line with recent media reports.

The group will float 25 percent of its issued share capital, or almost 57 million shares. Final pricing is expected on October 3, when conditional dealing will start.

"By becoming the only automotive company listed on the London Stock Exchange, Aston Martin Lagonda will provide investors with a fitting opportunity to participate in our future success," said president and group chief executive Andy Palmer.

"Over the past four years the benefits of the Aston Martin turnaround to the UK economy have been profound.

"We have secured and created thousands of jobs in the West Midlands and South Wales, boosted our investments in manufacturing and engineering and increased our spend with local suppliers."

The century-old carmaker, based in Gaydon in central England, is controlled by Italian private equity fund Investindustrial and Kuwaiti investors. German carmaker Daimler also holds a 5.0-percent stake.