Geely’s Volvo Cars to list in Stockholm, aims to raise 25 billion SEK
On Thursday, Aug. 19, 20,21, a Volvo badge was placed on the grille of an automobile in Stockholm by Volvo Cars AB.
Mikael Sjoberg – Bloomberg | Bloomberg | Getty Images
GeelyVolvo Cars is a Volvo Cars-owned firm that plans to initiate a public offering. It will list on the Nasdaq Stockholm Stock Exchange.
Due to trade tensions, and the downturn in automotive stock prices in 2018, Volvo Cars and Geely delayed plans to flot share capital in Swedish carmaker Volvo Cars.
The proposed IPO will consist of Volvo Cars issuing new shares to raise gross proceeds approximately SEK 25billion and a possible partial sale by Volvo Cars main shareholder,” said the Sweden-based automaker in a Monday statement.
The company stated that trading would begin in 2021, and Geely would continue to be its largest shareholder.
According to sources, Reuters was informed last month by sources that China’s Geely Holding had begun discussions with banks in order to list the Swedish firm in the next few weeks. The goal is for a valuation around $20 billion.
Volvo Cars stated previously that they were considering listing their shares on the Stockholm stock market in the second quarter of 2021.