Aston Martin shareholders approve £4bn float

Remigio Civitarese
Aprile 17, 2018

Bank of America Merrill Lynch, Credit Suisse, HSBC and Unicredit are in line as bookrunners for the IPO - while Deutsche Bank, Goldman Sachs and JPMorgan will reportedly act as joint global coordinators.

It confirms news reported at the start of April that the carmaker was lining up a number of banks to manage the flotation.

The recruitment of such an extensive syndicate of banks, which has been approved by Aston Martin's two Italian and Kuwaiti shareholders, is the clearest sign to date that the luxury vehicle marque is pushing ahead with plans to go public.

In February, the Gaydon-headquartered manufacturer said it was looking at a "range of strategic options, including the potential for an IPO".

While a London exchange is the likeliest listing venue for the IPO, the firm's board and shareholders have also considered NY as they seek a valuation similar to that of Ferrari when it was listed in the US.

London is the most likely venue for the listing, although NY is also being considered by shareholders.

An independent chairman will also be appointed in preparation for the flotation.

Aston Martin, which reported a strong set of full-year results two months ago, unveiled plans to revive its Lagonda brand as an all-electric marque at the recent Geneva Motor Show.

Daimler, the German auto manufacturer which owns Mercedes-Benz, also holds a small stake.

Sources told Sky News that Aston Martin would attract a valuation of £4bn to £5bn.

A spokesperson for Aston Martin had no comment on the news.

Aston Martin's chairmanship now rotates between its two largest shareholders, but the company has begun a process to identify an independent chairman, according to insiders.

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