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Aston Martin speeds ahead with October IPO worth perhaps $6.7 billion

LONDON — Luxury British carmaker Aston Martin is seeking a valuation of up to 5.07 billion pounds ($6.7 billion) from its stock market flotation and has taken steps to prepare for any eventuality over Brexit, it said on Thursday. The company, famed for making the sports car driven by fictional secret agent James Bond, said last month it was pursuing an initial public offering (IPO), the first British carmaker to do so for decades. The automaker will publish a prospectus later on Thursday and hopes to announce its final pricing on or around Oct. 3. It expects its shares to be admitted to the London Stock Exchange on or around Oct. 8. Carmakers have warned about the impact of any customs checks introduced as a result of a no deal or hard Brexit which could slow down production and add costs when Britain leaves the bloc in March 2019. The boss of Aston, which builds all its cars in Britain, said the company had boosted its stock of engines and components in case free and unfettered trade with the European Union ends in a few months' time. "We're up to five days of engine stock for example and we've got a very large warehouse in Wellesbourne (in central England) where we have at least five days of car stock," Chief Executive Andy Palmer told Reuters, an increase from the previous three days' worth of components held by the firm. "If there are tariffs ... for every car we lose because of a 10 percent tariff into Europe, we presumably pick up from Ferrari and Lamborghini in the other direction because obviously their cars become more expensive in the UK," he said. London and Brussels hope to conclude a Brexit agreement by the end of the year, but fellow carmakers such as BMW and Jaguar Land Rover (JLR) are worried that failure to agree could lead to snarl-ups at motorways and ports, disrupting production. JLR boss Ralf Speth warned last week that the wrong Brexit deal could cost tens of thousands of car jobs and risk production at the firm, Britain's biggest carmaker. Aston, which has set a price range of 17.50 pounds to 22.50 pounds per share for the 25 percent of stock it is floating, is targeting a market capitalization of between 4.02 and 5.07 billion pounds. The carmaker, which has long said it could pursue a listing, has undergone a turnaround plan since Palmer took over in 2014 as it boosts its volumes and expands into new segments with a new factory due to open in 2019.

5 things to know about the Aston Martin Lagonda SUV

Though Aston Martin unveiled its Lagonda Sedan first, we were told that the British ultra-luxury electric/autonomous spinoff brand's first production car would be an SUV. Today, at the 2019 Geneva Motor Show, they took the wraps off an All-Terrain Concept: a battery-powered, autonomous-ready, all-wheel-drive crossover intended to presage that vehicle. We walked around, and sat in, the vehicle with Aston Martin Lagonda chief creative officer and design studio head, Marek Reichman, who provided us with all sorts of interesting insights about this new vehicle, and brand, which is expected to bow in 2021. Here are five things we learned. It Has a Hood for a Reason "The sedan was the most extreme version of this new design language, derived from the proportion of not having to have an engine, exhaust, driveline, or gas tank. This new concept has more of a hood, but by no means a typical SUV profile -- the windshield starts above the front axle line. This is because in an all-terrain vehicle, in all-terrain mode when you're going through snow or rough road, you want to feel protected. You want to see something in front of you." It's Huge Inside "Because of the powertrain, it has more space inside than a Rolls-Royce Cullinan, which is fully a meter [more than 3 feet] longer. Luxury now is about time and space. I can't give you time, but I can give you space." It Has Radical Materials Inside "Just like we are unconstrained by tradition on the exterior, we are similarly unconstrained in the interior. We've used materials that define modern, contemporary luxury. Not like the traditional values of an English country manor. So on the seats we have cashmere. On the key we have Swarovski crystals. On the headliner we have alpaca. And on the door cards, we have silks. This car will be built in Wales and many of these materials come from Wales." It's Luxurious and Utilitarian "Design is about solving a problem. In this case, it's about solving for a customer who needs more practical applications. So we've made the interior flexible. The front seats rotate for a future autonomous mode. But you can get fixed seats up front and move the rear sheets forward to allow room for a third row. Or you can move both rear rows forward and have more room for cargo. It's a redefinition of uses rather than trying to fit something into the box of what an SUV can be." It's Trendy and Anti-Trend "A designer's job is to see if a trend is going to burn out quickly or be long term.

Best of 2016 | The List

The List hosts Jessi and Patrick spent all of 2016 checking awesome adventures off their automotive bucket list, from escaping a car dangling off a cliff, to taking part in The Great Race road rally. In total, our hosts checked 12 challenges off Autoblog's list of "1,001 car things to do before you die," taking them on travels across the United States and the United Kingdom. Check out some highlights from the season as our hosts drive everything from the super modern to the refreshingly classic, and even take their lives into their own hands all for the sake of completing the ultimate car enthusiast's bucket list. As we look ahead to 2017, be sure to send us your automotive bucket list items. Who knows, maybe your submission will inspire Jessi and Patrick's next escapade. Click here to find more episodes of The List Click here to learn more about our hosts, Jessi and Patrick Aston Martin Bentley Land Rover McLaren The List Videos