Want to buy Aston Martin stock? Well, you might have to wait a little longer. The British company plans to increase sales in emerging markets and will soon start importing cars into China – all the while it keeps its sights on an initial public offering.
“We are still thinking of an IPO,” CEO Ulrich Bez said this week during press conference. “We will be ready for it if the time is right. You need to pick the right window.”
For those of you that don’t remember, Aston Marin was sold by FoMoCo in 2007 to a group of private investors including Kuwait’s Investment Dar Co. in a deal valued at 479 million pounds ($765 million). Aston is now looking at expanding its model range to boost sales in emerging markets.
“We came very late to the party in China,” Michael van der Sande, the company’s chief commercial officer.“We are now taking it much more seriously.”
Aston Martin, which delivered 4,299 units for at the end of fiscal year March 31, expects to sell “a few hundred” vehicles in China in 2011, Bez said.
So when can we expect an IPO? Bez said that Aston is under no pressure from shareholders to carry out an IPO and can finance development without raising funds.
– By: Omar Rana