August 29, 2018 / 6:00 AM / 3 months ago

Aston Martin sets out plans to float on London Stock Exchange

LONDON, Aug 29 (Reuters) - Luxury carmaker Aston Martin said on Wednesday it intended to float on the London Stock Exchange, completing a turnaround after a boost to volumes and an increase in models led to a return to profitability.

If successful it would become the first British-based carmaker to be listed in London for years, following the sale of iconic brands such as Jaguar, Bentley and Rolls-Royce to foreign owners.

The initial public offering, which will follow in the footsteps of the likes of Ferrari, could see the firm valued at up to 5 billion pounds ($6.38 billion), sources have previously told Reuters.

Aston Martin said it would on Wednesday file a Registration Document with Britain’s Financial Conduct Authority, which is a requirement of firms considering an initial public offering (IPO), and pending a final decision, a prospectus will be published on or around Sept. 20.

The plan will involve a secondary sell-down by existing shareholders, mainly Kuwaiti and Italian private equity groups, with a free float of at least 25 percent.

The firm intends to apply for a premium listing on the London Stock Exchange with employees and customers able to apply to purchase shares.

Aston, which spent years losing money, last year turned its first profit since 2010 and on Wednesday posted half-year adjusted pre-tax profits of 42 million pounds as revenues rose 8 percent to 445 million pounds due to strong demand for its DB11 coupe and Volante models.

The central England-based firm said it expected full-year volumes to rise to between 6,200 and 6,400 units and in the medium term it aims to build nearly 10,000 in the 2020 calendar year.

$1 = 0.7841 pounds Reporting by Costas Pitas; editing by Kate Holton

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