Geely- owned Volvo Cars plans to introduce a going public and list on the Nasdaq Stockholm stock market, in what would be among Europe’s most significant going publics (IPOs) this year.
In 2018, Volvo Cars and Geely held off earlier strategies to drift shares in the Swedish carmaker, due to trade stress and a recession in automobile stocks.
“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 and a potential partial sale of shares by Volvo Cars’ main shareholder,” the Sweden- based carmaker stated in a declaration on Monday.
It included that the very first day of trading was anticipated to be in 2021 which Geely would stay it most significant investor.
Sources informed Reuters last month that China’s Geely Holding remained in innovative conversations with banks to note the Swedish business in the coming weeks, going for an evaluation of about $20 billion.
Volvo Cars had formerly stated it was thinking about noting on the Stockholm stock market in the 2nd half of 2021.