Volvo Cars to raise 25bn Swedish krona in Stockholm IPO
By Michele Maatouk
Date: Monday 04 Oct 2021
(Sharecast News) - Swedish car maker Volvo Cars, which is owned by China's Zhejiang Geely Holding Group, is planning to list on the Nasdaq Stockholm stock exchange as it looks to accelerate its shift towards full electrification.
The IPO will consist of the issuance of new shares to raise gross proceeds of around SEK25bn and a potential partial sale of shares by Volvo Cars' main shareholder.
Chief executive officer Håkan Samuelsson said: "Today is an important milestone for our company with the announcement that we intend to list Volvo Cars on Nasdaq Stockholm.
"The proposed IPO marks a new chapter for Volvo Cars, and we invite Swedish and international investors to participate in our future growth and value-creation. The decision to proceed with an IPO will help strengthen our brand and accelerate our transformation strategy - towards full electrification, direct consumer relationships and the next level of safety. This will position the company to deliver continuous growing volumes, revenues and profitability."
Volvo said that Geely Sweden - a wholly-owned subsidiary of Zhejiang Geely Holding, which acquired the business in 2010 - will remain the largest shareholder.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN