LONDON -- Aston Martin is moving ahead with a plan to list shares in London, naming Penny Hughes as chairman in a break from its tradition of an all-male board.
Hughes will become non-executive chairman of the board when the flotation takes place, Aston said in a statement Monday. Hughes has previously worked at FTSE companies such as the Royal Bank of Scotland, Vodafone and supermarket WM Morrison.
The automaker will trade on the London Stock Exchange in October, with a free float of at least 25 percent of the issued share capital and Daimler converting its holding of about 4.9 percent to ordinary shares, the company said Monday.
The British sports-car maker is said to target a valuation of 5 billion pounds ($6.5 billion), which would approach Ferrari's multiples.
The offering will allow Aston Martin's shareholders to cash out with a potential 10-fold return -- months before the UK leaves the European Union. While the UK's post-Brexit automotive industry is one of the sectors most exposed to potential trade hurdles, Brexit wasn't a large factor in the IPO calculations, Chief Financial Officer Mark Wilson has said. Aston Martin is controlled by London-based Investindustrial Advisorsand Kuwaiti Investment Dar.