Breakingviews - Geely’s Volvo IPO should go better this time
LONDON, Oct 4 - Zhejiang Geely founder Li Shufu has picked a good time to exploit the mania for battery rides. On Monday Sweden’s Volvo Cars, owned by Zhejiang Geely,that it wants to raise 25 billion Swedish crowns by listing in Stockholm. It comes after an aborted initial public offering in 2018, when investors balked at a mooted $30 billion valuation.
There are sound reasons why Li might get there this time. Firstly, his plans to axe gas guzzlers by 2030 are the most ambitious of traditional automakers. Second, Volvo’s all-electric brand Polestar announced that it would reverse into a blank-cheque vehicle listed in New York at a $20 billion valuation.
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