Aston Martin appoints seven banks to handle £4bn float

Aston Martin Enjoy Continued Growth In Luxury Car Market

Aston Martin Enjoy Continued Growth In Luxury Car Market

Aston Martin has hired seven banks to help it prepare for an IPO, according to Sky News.

It confirms news reported at the start of April that the carmaker was lining up a number of banks to manage the flotation.

The banks that have been approved by shareholders are Bank of America Merrill Lynch, Credit Suisse, HSBC, and Unicredit who will underwrite the deal.

Deutsche Bank, Goldman Sachs and JPMorgan will also reportedly work together as joint global co-ordinators on the IPO.

The manufacturer of models such as the Vanquish S said in February that it was examining "a range of strategic options...including the potential for an IPO".

While a London exchange is the likeliest listing venue for the IPO, the firm's board and shareholders have also considered NY as they seek a valuation similar to that of Ferrari when it was listed in the US.

If it does list in London, it may also list Global Depositary Receipts, a form of instrument linked to a company's shares, in NY, according to insiders.

Sources told Sky News that Aston Martin would attract a valuation of £4bn to £5bn.

The Gaydon-based vehicle manufacturer is also preparing to recruit an independent chairman in preparation for the flotation.

A spokesperson for Aston Martin had no comment on the news.

Its growth prospects have been spurred by its strong performance in overseas markets including China, where it plans to open 10 new showrooms.

Aston Martin's chairmanship now rotates between its two largest shareholders, but the company has begun a process to identify an independent chairman, according to insiders.

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