Following a year’s worth of rumors circling around the same, Aston Martin has confirmed it will float on the London Stock Exchange within the next few weeks. The decision was put through in the wake of the British carmaker generating record profits.

Aston Martin will formally offer up to $1.29 billion worth of shares in its initial public offering (IPO). The shares are worth an estimated 25 percent of the total. The firm submitted a registration document with the Financial Conduct Authority with a prospectus being published on or before 20 September. Aston Martin also published its financial results for the first half of 2018, clocking a 14% increase in revenue at just under $580 million, with pre-tax profits rising from $25.8 to $26.7 million. The IPO is expected to peg the firm at over $5 billion. The company could enter the FTSE 100 if the value is high enough.

The British maker of supercars and grand tourers is currently owned by Italian and Kuwaiti shareholders in addition to various minority investors. Among the major stakeholders, InvestIndustrial of Italy bought a 37.5 percent stake in Aston Martin in 2012. Daimler Group also owns a five percent share in the company. With the firm posting healthy sales figures and profits, there was a debate about where it should float its shares, with the prime candidates being London and New York.

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Aston Martin has reported consistent profitability for seven consecutive quarters aided by its aggressive launch of high-performance vehicles like the Vulcan, Valkyrie, and the commercially successful Vantage V8 as well as DB11.

The financial report published today shows seven consecutive profitable quarters with CEO Andy Palmer at the helm of a turnaround that has ended a difficult situation in the 105-year-old brand’s history. Aston Martin has been on the brink of bankruptcy several times. It turned its first profit since 2010 last year. Andy Palmer described the IPO as a “key milestone” in the company’s history. He said: “Today’s results show that we have continued to deliver sustainable growth, margins and value for our shareholders whilst launching three new models and variants in the first half of the year.”

The British carmaker has a substantial plan in place for what it likes to call its ‘Second Century”. Under this plan, the firm will launch one new ‘core’ model every year until 2022. Models already headed to production include the DBX SUV and a new Lagonda saloon. Each model will have a seven-year life cycle before it is replaced. Ason Martin claims that it will produce between 6,200 and 6,400 cars in 2018 with up to 65% of them produced in the latter half of the year. The IPO is a great decision by the company seeing as Ferrari’s 2015 IPO boosted its value to a little more than $19 billion in less than a year.