Aston Martin, the maker of James Bond’s favourite sports activities automotive, mentioned Wednesday it might promote shares for the primary time. The British luxurious sports activities automotive producer seeks to draw extra rich consumers with an expanded product vary together with sedans, sports activities utility autos and even submarines.
The corporate mentioned it should promote at the least 25 % of Aston Martin’s shares if it decides to go ahead with an preliminary public providing on the London Inventory Change. Particulars of the IPO can be revealed round Sept. 20.
The announcement got here as Aston Martin mentioned first-half pre-tax income rose to 20.eight million kilos ($26.eight million) from 20.three million kilos throughout the identical interval final 12 months.
Chief Govt Andy Palmer mentioned the potential IPO “represents a key milestone within the historical past of the corporate.”
Laith Khalaf, an analyst with Hargreaves Lansdown, mentioned the anticipated worth of the corporate might put it close to the highest finish of the FTSE 250 index of mid-sized U.Okay. firms.
Noting that when Ferrari floated in 2015 it took the inventory ticker RACE, Khalaf quipped that Aston Martin ought to go for “007.”
“There are few individuals who would not need an Aston Martin on their drive, and even fewer who can afford one,” he wrote to buyers.
“Nevertheless this inventory market float permits buyers to purchase into a bit of the glamour of Aston Martin, with out getting a second mortgage.”
However he added that potential buyers ought to “consider the corporate’s monetary prospects and to not get carried away by the model.”
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