Cars

Aston Martin's Trading Debut Flops as Shares Fall After Open

Luxury automaker’s stock drops as much as 7.5% in London IPO
Sale had put James Bond’s favorite cars on par with Ferrari

Andy Palmer, chief executive officer at Aston Martin, discusses the start of trading for the automaker’s shares.Source: Bloomberg

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By Tommaso Ebhardt, Benjamin D Katz, and David Hellier

October 2, 2018 at 7:50 PM UTC

Updated on

October 3, 2018 at 4:59 PM UTC

Aston Martin’s trading debut floundered after investors balked at a valuation that had put the U.K. luxury carmaker on par with larger and more profitable Italian competitor Ferrari NV.

The stock closed down 4.7 percent in London on Wednesday from its initial public offering price of 19 pounds ($24.70), a figure that gave the Gaydon, England-based company a market capitalization of 4.1 billion pounds.