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Aston Martin had initially set a range of 17.50 pounds to 22.50
pounds per share, but said on it Monday it had narrowed this to
18.50 pounds to 20 pounds and that it had enough bid interest to
cover all the shares being sold at this level.
"Feedback was mixed," said one person familiar with the deal
saying investors were worried about the execution of the roll
out of new models but were impressed by the management.
"Bottom of the range is the only level that might work."
Aston Martin, famed for making the sports car driven by
fictional secret agent James Bond, said it expected to close the
IPO books at midday London time on Tuesday.
Bankers say that IPOs generally need twice as many bids as
shares on offer to be successful.
Several multi-billion European IPOs got off to a cautious start
last week when crowd-lending platform Funding Circle <FCH.L>
traded down on its debut while Swiss packaging company SIG
Combibloc <SIGNC.S> booked gains.
On Monday, German brake systems maker Knorr-Bremse also said it
had attracted bids for all shares on offer in its initial public
offering planned for later this month.
Based on around 57 million shares being sold, a free float of 25
percent, the listing would give the company a market
capitalization of up to around 4.6 billion pounds.
Depending on where it prices within the range, Aston Martin may
just make it into the FTSE 100 after its flotation and will be
the first car maker in the blue-chip index since Jaguar.
The company is selling around 25 percent of its stock in the
first IPO by a British carmaker for decades.
The flotation follows a sale of shares by its main owners,
Kuwaiti and Italian private equity groups.
(Editing by James Davey and Alexander Smith)
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