Aston Martin shares skid as they start trading on the stock market

The luxury carmaker, which priced its stock market flotation in £19 a share valuing the company at £4.33 billion, saw shares tumble by nearly 5% in morning trade to 1,815p.

Jordan Hiscott, chief trader at ayondo markets, said: "Aston Martin failed to get the start it was looking for.

"The fanfare that was expected for the shares never materialised.

"As much as the brand Aston Martin is prestige, which is abundantly clear though the quality of its vehicles DB and Vanquish, and championed in various James Bond productions, investors are clearly a harder crowd to please."

The listing has seen investors Investindustrial, Adeem Investments, Primewagon and senior management bank more than £1 billion between them with the firm floating 25% on the London Stock Exchange.

Aston Martin cut the top end of its initial public offering price range earlier this week, meaning the company looks set to be kept out of the FTSE 100.

The firm narrowed the range of its IPO from between £17.50 and £22.50 per share to between £18.50 and £20 per share.

The float price gave Aston Martin a £4.33 billion valuation, down from its previously expected valuation of up to £5.1 billion.

If the values of the current FTSE 100 constituents remain broadly the same until the next reshuffle in December, the company will miss out on a place in the blue chip index.

Chief executive Andy Palmer said: "Today's listing on the London Stock Exchange represents a historic milestone for Aston Martin Lagonda.

"We are delighted by the positive response we have received from investors across the world and are very pleased to welcome our new shareholders to the register.

Germany's Daimler AG will remain a stakeholder and will not sell down its holding as part of the IPO. The company will instead convert its current non-voting stake of 4.9% to shares.

In the first half of the year, Aston Martin reported a pre-tax profit of £20.8 million on revenue of £449.9 million. Operating profits rose 14% to £106 million.

Jasper Lawler, of London Capital Group, said: "The first public listing of a British carmaker in decades has the kind of 'dinner party' appeal that few IPOs share. Aston Martin is one of the most hotly anticipated IPOs this year.

"The British carmaker is in rude financial health."

Based at Gaydon, in Warwickshire, the carmaker is opening a new factory at St Athan in South Wales where it will build its first electric car as well as other models.

After a troubled few years, a turnaround at Aston Martin under Andy Palmer has seen it return to profitability, and it expects full-year sales for 2018 to rise to between 6,200 and 6,400 units. In the medium-term it aims to build nearly 10,000 in the 2020 calendar year.

And that is good news for the scores of car component makers across the Black Country and the wider West Midlands who supply the prestigious manufacturer.