Volvo Cars confirms plans to go public
Zhejiang Geely Holding Group Co., Ltd’s Volvo Cars confirmed on Monday it is planning to list for an initial public offering (IPO) on the Nasdaq Stockholm AB.
“The proposed IPO is expected to consist of the issuance of new shares by Volvo Cars to raise gross proceeds of approximately SEK 25 billion [$2.87 billion] and a potential partial sale of shares by Volvo Cars’ main shareholder,” Volvo said in a written statement. The company added it is planning to have its first trading day later in 2021 and that Geely will remain its primary shareholder.
The news comes following the report Volvo is planning to go public shortly after achieving a record for most cars sold in the first half of a year.
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