ICYMI: Volvo Cars sets its IPO price range, seeking up to $23 billion valuation
The carmaker said in a statement its IPO would value the company, maker of models such as the high-end XC-90 SUV, at between 163 billion and 200 billion crowns and that shares would begin trading on Oct. 28.
Electric-car maker Polestar, owned by Geely and Volvo, last month said it will go public by merging with a U.S.-listed special purpose acquisition company backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion.A staff member stands in front of Volvo XC60 and XC90 SUVs displayed at its booth during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021.
The Gothenburg-based company, which said its January-September operating profit rose to 16.6 billion crowns from 3.6 billion in the year-ago period, had previously said that owner Geely would remain its biggest shareholder after the listing., postponed plans to float shares in the Swedish carmaker, citing trade tensions and a downturn in automotive stocks.
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