Aston Martin shares tumbled on their trading debut as investors balked at a sale price that put the U.K. carmaker on a par with larger and more profitable Italian competitor Ferrari NV.

The stock fell as much as 6.6 percent on Wednesday from its initial public offering price of 19 pounds ($24.7), a figure that gave the Gaydon, England-based company a market capitalization of 4.3 billion pounds.

Aston Martin’s valuation was 20.7 times first-half earnings, according to Bloomberg data, close to the current share multiple of 21 times expected 2018 profit for Ferrari, which also has a stronger balance sheet. Both figures are more in line with luxury-goods companies than other automakers.
 “They priced it pretty well, getting that valuation,” said Arndt Ellinghorst, an analyst at Evercore ISI in London. “For now there is very little left until people see some numbers and are willing to take more risk.”

The British marque, now known as Aston Martin Lagonda Global Holdings Plc, is bidding to expand its presence in the sports-car world with the Vanquish, Vantage and DB models. It’s also reviving the Lagonda name to break into the segment shared by U.K. rivals Rolls-Royce Motors and Bentley.

Chief Executive Officer Andy Palmer said he was “delighted” with the response to the IPO, describing it as a milestone for the company and pledging to deliver on growth plans.

The pricing was impressive from Aston Martin’s viewpoint but “far too expensive” given a backstory of historical losses and future targets reliant on the company replicating Ferrari’s performance after its own 2015 listing, Ellinghorst said. It also shows that enthusiasm for luxury stocks is undimmed.

For other investors the execution risk of the deal and macro-economic factors that could buffet the company in the future, such as the fallout from Britain leaving the European Union, remain too big a deterrent for now, he said.

Aston Martin, made famous for its inclusion in the james Bond  series of spy films,pared back  its IPO ambitions this week, narrowing the targeted range and clipping the top end by about 11 percent. The reduced span was 18.50 to 20 pounds per share, according to an emailed term sheet, with the final price 15 percent below the maximum initially targeted.