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Chinese-controlled Swedish automaker Volvo Cars will return as a listed company after a hiatus of more than two decades following an initial public offering and stock market listing in Sweden later this this month.

HELSINKI – Chinese-controlled Swedish automaker Volvo Cars will return as a listed company after a hiatus of more than two decades following an initial public offering and stock exchange listing in Sweden later this month -this.

Goteborg, Sweden-based Volvo Cars said in a statement on Monday that the company, owned by Chinese firm Zhejiang Geely Holding Group Co., would offer shares of SEK 53 at SEK 68 each in a move that is expected to lift. $ 2.9 billion, valuing the automaker up to $ 23 billion.

The Chinese company bought Volvo Cars in 2010 from Ford Motor Co., which acquired the Swedish company in 1999.

Geely, who told banks and investors earlier this month that he was preparing an IPO of Volvo Cars, would remain the primary owner of the Swedish company after the listing, the company said.

Volvo Cars has an ambitious plan to sell fully electric cars only by 2030. It plans to use the funds from the offering to increase its car manufacturing capacity to reach a sales target of more than $ 1. 2 million vehicles per year and build a battery factory. in Europe.

Volvo Cars shares are said to begin trading on the Nasdaq Stockholm Stock Exchange on October 28.

CEO Hakan Samuelsson said the company is particularly looking for small private investors in Sweden to seize the opportunity to buy shares in Volvo Cars, which manufactures vehicles under the iconic Volvo brand.

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ABC News

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