Aston Martin is joining the ranks of listed automakers with an IPO that values the British company at more than $5 billion. But its first day of trading in London got off to a rocky start.
The favorite carmaker of fictional British secret service agent James Bond priced its shares at £19.00 ($24.70), giving it a valuation of £4.3 billion ($5.6 billion).
The final listing price is 16% below the top of the range that Aston Martin had targeted, reflecting investor doubts about whether the carmaker should be valued in the same league as Italian rival Ferrari.
Shares dipped nearly 5% in London trading.
In going public, the British company is asking investors to overcome fears about US threats to tax foreign autos and the potential for Britain’s planned exit from…