Aston Martin gears up for $6.7 billion initial stock offering

Aston Martin, the maker of James Bond's favorite sports car, plans to raise as much as 1.27 billion pounds ($1.67 billion) when it sells shares to investors for the first time.

The luxury carmaker says it will sell a 25 percent stake for between 17.50 pounds and 22.50 pounds a share, valuing the company at as much as 5.07 billion pounds ($6.7 billion). Aston Martin said Thursday the exact price would be set around Oct. 3.

The company says Daimler will remain a shareholder and won't reduce its 4.9 percent stake for 12 months.

Aston Martin CEO Andy Palmer says the share sale "will provide investors with a fitting opportunity to participate in our future success."

In an interview with The Wall Street Journal, Palmer said he believes the company can rival Ferrari for market capitalization and profitability. Ferrari produces twice as many automobiles and is more profitable than Aston Martin, the Journal noted.

The carmaker was founded in London in 1913 and is headquartered in Gaydon.