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Volvo Cars IPO oversubscribed ahead of trading debut -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A Volvo employee seen at the dealership wearing a protective mask amid the COVID-19 (coronavirus disease) outbreak in Brussels on May 28, 2020. REUTERS/Yves Herman

STOCKHOLM (Reuters] – Volvo Cars (Geely owned) said it was heavily oversubscribed while preparing to make its bourse debut at Stockholm later Friday.

Geely Holding will keep the largest shareholding in Volvo Cars Gothenburg, but it said that the IPO would add over two hundred thousand more shareholders.

The carmaker stated in a statement that the offering was significantly oversubscribed due to strong interest from institutions investors from Sweden and elsewhere as well as the general public in Nordics.”

Volvo already had the IPO priced at 53 Swedish Crowns ($6.22) per share. The sale of close to 380,000,000 new shares will bring in about 20 Billion crowns, which Volvo can use to fund its transition to an electric-only line-up.

($1 = 8.5201 Swedish Crowns

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