Aston Martin said Thursday it’s eyeing a price range for its initial public offering (IPO) that would value the British sports car maker at up to $6.7 billion.
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The company, which intends to float 25 percent of its shares, set a price range of 17.50 to 22.50 British pounds. That values Aston Martin at 4.02 billion to 5.07 billion British pounds, or roughly $5.3 billion to $6.7 billion.
Pricing will be finalized on Oct. 3, and Aston Martin expects that shares will be admitted to the London Stock Exchange on Oct. 8. The offering will consist of shares from existing stockholders.
Aston Martin, known for its role in James Bond movies and luxury cars like the DB11, is pursuing an aggressive plan to double sales over the next three years. The company sold 5,117 cars in 2017, and it aims to build more than 10,000 vehicles annually. In the first half of 2018, revenue grew 8 percent.
The stock listing will come three years after Fiat Chrysler Automobiles spun off Ferrari, whose shares are listed on the New York Stock Exchange. The Italian supercar maker has seen its stock rise 140 percent since making its trading debut.
Aston Martin’s IPO plans reflect an expectation that the stock can trade at a multiple similar to Ferrari and other luxury names. Ferrari has a market value of around $25.9 billion.
Aston Martin was owned by Ford as recently as 2007, when the Blue Oval sold the brand for about $925 million to an investor group. The British automaker is now owned mostly by investors in Kuwait and Italy, while Mercedes-Benz's parent company, Daimler, owns a 4.9 percent stake.