Americans Miss Out on the Aston Martin IPO
Yes! The iconic sports car manufacturer, Aston Martin, plans to go public, and for $24 you can own a piece of their company. Well, unless you live in America, that is.
Aston Martin produces one of the world’s most well-known luxury brands. Thanks to James Bond, we will ever view them as luxurious and elegant. Plus, the whole spy thing makes us think of the Aston as high-tech.
(In case you didn’t know: they’ve even made a limited number of the DB5 models with all of those spy gadgets included.)
The news is that the British carmaker plans to begin trading on the London Stock Exchange in October. This would make them the first British automaker to go public.
Unfortunately, American investors will NOT be able to participate in the IPO. The company has chosen not to list its shares in the United States.
Who Owns Aston Martin?
The principal owners of the company are various private-equity firms in Italy, Kuwait, and Germany. It is some of these firms that are selling off their stakes in the company to the public. Daimler, the German group, is not selling.
Aston Martin is not issuing new stock, nor is it attempting to raise additional capital.
Aston Martin says that 25% of the company shares will go to the public. Estimates put this figure at 56,305,622 to 57,380,3000 shares. Also, based on a statement by company executives last week, the cost to purchase a stake in the company should be around $24.
Business as Usual
Penny Hughes will chair the post-IPO Board of Directors. Penny has served on a number of boards and works as an executive at Coca-Cola. Aston Martin will continue its direction under the leadership of CEO, Andy Palmer. He will also serve as a board member.
Note: The featured image of the NASDAQ display is by bfishadow of Flickr.