Aston Martin makes long-awaited move for IPO

Aston Martin is preparing to list its shares in London after the brand synonymous with British spymaster James Bond pulled off a multi-year turnaround.

The British maker of sports cars made famous in movies from “Goldfinger” to “Skyfall” is said to target a valuation of about $6.4 billion — approaching Ferrari NV’s multiples. A final decision on moving forward will take place next month, parent Aston Martin Holdings (UK) Ltd. said Wednesday in a statement.

The offering will allow the carmaker’s shareholders to cash out with a potential 10-fold return — months before the U.K. leaves the European Union. The carmaker itself won’t be raising any funds. Aston Martin will use its own earnings to pay for planned investments in electric cars and a doubling in output to around 14,000 cars a year.

While the U.K.’s post-Brexit automotive industry is one of the sectors most exposed to potential trade hurdles, Brexit wasn’t a large factor in the IPO calculations, Chief Financial Officer Mark Wilson said.

“Brexit is simply a speed hump in the road,” Wilson said by phone. “Aston Martin has existed for 105 years, it has seen a hell of a lot of upheaval in that time.”

Aston Martin, controlled by London-based Investindustrial Advisors Ltd. and Kuwaiti Investment Dar, said existing investors will sell at least 25 percent of the company’s stock on the London Stock Exchange. Ford Motor Co. sold the manufacturer in 2007 for 480 million pounds.

Neither investor plans to exit completely, while Mercedes-Benz maker Daimler AG, which has a 4.9 percent non-voting stake, plans to retain the holding. Englandbased Aston Martin sees itself as a luxury company, able to attract the higher valuations afforded to companies like Hermes International and Canada Goose Holdings Inc., Wilson said.