Aston Martin shares tumbled on their trading debut in London on Wednesday´s morning. The shares were priced at 19 pounds apiece ($24.7). First informations before IPO talked about 17,50-22,50 GBP. England-based Aston Martin a debut market capitalization of 4.3 billion pounds. It was less like a market expectation. After initially hovering around that level they fell as much as 6.6 percent.

Shares of company were trading 4.2 percent lower at 1,820 pence as of 8:27 a.m. in the U.K. capital. The stock fell as much as 7.5 percent in London on Wednesday.

“We’ve taken 105 years to get to an IPO, we are not going to worry much on what the initial shares are doing as we will always look over the longer term,” Chief Executive Officer Andy Palmer said in an interview with Bloomberg TV. As only the second luxury carmaker to go public, the market is still “adjusting,” he said.

Aston Martin Lagonda Global Holdings Plc had already pared back its IPO ambitions this week by narrowing and lowering the share pricing range from an initial valuation of as much as 5.1 billion pounds. While Aston Martin’s market value is about 15 percent less than the initial maximum target, it’s still 20.7 times first-half profit.

Company is selling 27.5 percent of its stock including an over-allotment option, giving an offer size of 1.19 billion pounds. Car makers from James Bond movies should make a stock market debut of at least one billion pounds, the BBC notes.

This is the first IPO for UK carmakers in more than 30 years, specifically since 1984, when Jaguar Land Rover was put into a separate company.

Ferrari trades at about 21 times expected adjusted earnings for 2018, according to Bloomberg data. The British marque, which is less profitable and carries a weaker balance sheet than its Italian peer, is bidding to expand its presence in the sports-car world with the Vanquish, Vantage and DB models, while reviving the Lagonda name to break into the segment shared by U.K. rivals Rolls-Royce Motors and Bentley.

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