The nationalist stock offering volition assistance Volvo concern its displacement to electrical vehicles.
Shares of the Swedish car marque Volvo debuted Friday connected the Stockholm banal exchange, with the terms rising sharply successful aboriginal trading.
As the marketplace opened connected Friday shares successful Volvo Cars rapidly roseate astir 10 percent to implicit 58 kronor ($6.8, 5.8 euros).
The terms per stock for the offering had been acceptable astatine 53 Swedish kronor, astatine the bottommost extremity of the scope Volvo announced past week of betwixt 53 and 68 kronor per share up of its initial nationalist offering (IPO).
On Monday, Volvo Cars said it planned to rise 20 cardinal kronor from the offering aft archetypal announcing plans to spell nationalist successful aboriginal October, portion noting that China's Geely would stay its largest shareholder.
The Swedish automaker had been struggling until Geely acquired it from US elephantine Ford for $1.8 cardinal successful 2010.
Volvo's representation and income person dramatically improved since then, riding the question of popularity of SUVs.
"Our manufacture is changing, and we strive to pb that transformation. That is wherefore Volvo Cars has an ambitious strategy to go afloat electrical by 2030," Volvo Cars CEHakan Samuelsson said successful a Friday statement.
"Today's listing volition assistance america get there," helium added.
© 2021 AFP
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