Aston Martin skids on market debut

Shares in Aston Martin hit the skids on their first day of trading on the London Stock Exchange.

The luxury carmaker, which priced its stock market flotation in £19 a share valuing the company at £4.33 billion, saw shares tumble.

Jordan Hiscott, chief trader at ayondo markets, said: “Aston Martin failed to get the start it was looking for.

“The fanfare that was expected for the shares never materialised.

“As much as the brand Aston Martin is prestige, which is abundantly clear through the quality of its vehicles DB and Vanquish, and championed in James Bond productions, investors are clearly a harder crowd to please.”

The listing has seen investors Investindustrial, Adeem Investments, Primewagon and senior management bank more than £1bn between them with the firm floating 25% on the London Stock Exchange.

Aston Martin cut the top end of its initial public offering price range earlier this week, meaning the company looks set to be kept out of the FTSE 100.

The firm narrowed the range of its IPO from between £17.50 and £22.50 per share to between £18.50 and £20 per share.

If the values of the current FTSE 100 constituents remain broadly the same until the next reshuffle in December, the company will miss out on a place in the blue chip index.

Chief executive Andy Palmer said: “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.

Germany’s Daimler AG will remain a stakeholder and will not sell down its holding as part of the IPO.

Shares in Aston Martin closed down 0.90p at 1,810.00p.

Aston Martin Vantage.