Aston Martin shares slide again, as luxury brand’s stock continues to drop
Shares in newly listed Aston Martin have fallen again on its first full day of trading, following a challenging week when the company fell short of its targeted valuation.
At one point this morning the company’s stock was trading down 96p at 1,604p per share.
Shares later recovered a little, down 5.4 per cent to 1,608p.
The luxury car maker debuted last Wednesday at 1,900p a share, giving it a valuation of £4.33bn, lower than the £5bn it had originally hoped would push it into the FTSE 100 come December’s reshuffle.
The 1,608p share price is now below the initial pricing range of between 1,750p and 2,250p a share.
The company sold around a quarter of its stock on Wednesday, while Daimler kept its 4.9 per cent stake.
Today it made 228,002,890 ordinary shares available to private investors on the London Stock Exchange, after allowing only institutional investors, staff and customers to buy stock last week.