05 Oct 2018_campuscad
Aston Martin IPO (Aston Martin Lagonda Limited) debuted in the London Stock exchange on 3 October 2018 under ASTM symbol which helped one of its old Kuwaiti backers to become a billionaire. A James Bond favorite car.
Najeeb Al Humaidhi, A Kuwaiti civil engineer by profession made a whopping billion dollars after Aston Martin went public on Wednesday.
Najeeb holds around 77% stakes when it sold by Ford in 2007. Aston Martin IPO priced its share for 18 British pounds to increase automaker market capitalization to $5.6 billion. Automaker sold around 25% stake in IPO and proposed to offer more in coming days if got strong investors.
Ford sold Aston Martin in 2007 due to low sale of the sport cars and lost almost $12.7 billion in 2006 which was then second largest automaker in the US after General Motors. To get the funding and recover the losses by reducing the factory capacity and speed up new launch of trucks and passenger vehicles, Ford decided to sale Aston Martin for $950 million.
David Richards, the racing mogul along with Najeeb Automotive Company Adeem Automotive purchased the Aston Martin.
Kuwaiti engineer Najeeb wealth goes up due to Aston Martin IPO share price and made him around $1.3 billion in a day. Najeeb sold approximately £331.6 million worth shares till now.
Billionaire belongs to Kuwait’s oldest merchant families and owns a design and architecture studio in Kuwait, Turkey, Cairo and Australia.
Aston Martin mostly know for its luxury and sport offerings and its appearance in James bond film Goldfinger and many others which eventually boosted its popularity all over the world. Automaker has its main manufacturing plant in Gaydon, Warwickshire, England with 150 dealership all around the world.
Chief executive Andy Palmer said: “Today’s listing on the London Stock Exchange represents a historic milestone for Aston Martin Lagonda.
Automaker started making profits after its DB11 lunch in 2009 and made almost 20 million British Pounds in 2017 in a profit with net operating income £148.8 million.
Aston Martin wants to be world’s best luxury sport cars and it aims to do so by taking company public to raise the money to keep running its future plan.
Najeeb Al Humaidhi and his son currently serve as board member of Aston Martin. An investment made in 2007 pays off very well for this engineer.
For more such daily stories, sign up below.