Volvo sets IPO for October 28, valuing it up to $23 billion
- ByManjeet Singh | October 19, 2021
Volvo plans to begin trading on the Stockholm stock exchange on October 28, targeting a market value of up to $23.1 billion.
Earlier this month, Sweden’s Volvo announced it was thinking of going public, noting China’s Geely would remain the largest shareholder.
It is expected that the share price will range between 53 and 68 kronor, giving a market capitalization of 163-200 billion kronor, Volvo Cars said in a statement.
The total number of shares available for public trading was expected to range between 19.5% and 24.5%.
The newly issued shares will raise approximately 25 billion kronor before transaction costs, according to Volvo.
The final IPO price is to be announced on October 27, as is a separate IPO from electric car manufacturer Polestar, a joint subsidiary of Volvo Cars and Geely.
The news marks another milestone for the automaker, which had struggled until Ford was bought by Chinese giant Geely in 2010 for $1.8 billion.
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