The funds raised from the banal offering volition assistance money Volvo's displacement to electrical vehicles.
Swedish car marque Volvo said Monday it was readying its Stockholm banal speech debut connected October 28, targeting a marketplace worth of up to 200 cardinal kronor ($23.1 billion, 19.9 cardinal euros).
The Swedish carmaker archetypal announced its plans to spell nationalist successful aboriginal October, portion noting that China's Geely would stay the largest shareholder.
The expected share price would beryllium betwixt 53 and 68 kronor per share, "corresponding to a marketplace capitalisation of Volvo Cars of 163–200 cardinal kronor aft completion," the institution said successful a statement.
Shares disposable for nationalist trading were expected to relationship for betwixt 19.5 and 24 percent of the company's full shares.
Volvo added that it expected to rise astir 25 cardinal kronor earlier transaction costs from the recently issued shares.
The last IPO terms is to beryllium announced connected October 27, arsenic is simply a abstracted IPO from electrical car shaper Polestar, a associated subsidiary of Volvo Cars and Geely.
The announcement marks different milestone for the automaker, which 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. The institution plans to spell all-electric by 2030.
© 2021 AFP
Citation: Volvo sets IPO for Oct 28, valuing it up to $23 bn (2021, October 18) retrieved 18 October 2021 from https://techxplore.com/news/2021-10-volvo-ipo-oct-valuing-bn.html
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