Aston Martin shifted into reverse in its first day of trading Wednesday after pricing its initial public offering (IPO) below the top end of its target range.
The iconic British sports car maker, known for models such as the DB11 and its role in James Bond films, wrapped up an IPO that valued the company at 4.3 billion British pounds, or $5.6 billion. Aston Martin had set a target of roughly $5.3 billion to $6.7 billion last month.
Shares were priced at 19 British pounds and fell as low as 17.75 British pounds during Wednesday’s session in London, according to the BBC. Aston Martin, which is trading under the ticker symbol ASTM, closed at 18.10 British pounds, about 4.7 percent lower.
Full trading will begin next week. Aston Martin initially floated about 25 percent of the company, with an option to offer additional shares if there was strong investor demand.
“We are delighted by the positive response we have received from investors across the world,” Aston Martin CEO Andy Palmer said in a statement.
Aston Martin has detailed an aggressive plan to double sales over the next three years. It sold 5,117 cars in 2017, while revenue grew 8 percent in the first half this year.
The company is owned mostly by investors in Kuwait and Italy. Daimler, which owns Mercedes-Benz, was said to be keeping a 4.9 percent stake in Aston Martin following the IPO.