Aston Martin share price falters
UK car maker Aston Martin has failed to achieve its initial price following a highly anticipated floatation onto the London Stock Exchange.
The share price had been set at £19 but fell as low as £17.75 before ending at £18.10. The aim of the sale was to raise over £1bn for the brand, following strong sales across Asia and North America. Despite Aston Martin’s illustrious association with the James Bond films, coupled with the production of some of the world’s most desirable vehicles, it had a difficult financial history, having gone bust seven times in 105-years of trading.
Historically the brand has aimed its products at male customers, with female buyers representing as few as 4,000 orders over its entire history. Aiming to attract a broader customer base has really helped expand the brand, with full-year sales for 2018 expected to rise to between 6,200 and 6,400 units, with plans to build 10,000 per annum by 2020.
Andy Palmer, chief executive, said the move was an important day for Aston Martin stating: "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."
If demand for the shares proves strong, a further number will be issued taking the total public share offering of the business to 27%. With plans to build an electric flying car, develop luxury homes and even design a personal submarine for wealth yacht owners, the future looks bright for Aston Martin.