Volvo Cars Announces IPO Plan That Could Value It at $25 Billion
Volvo Cars, the Swedish auto maker owned by China’s Zhejiang Geely Holding, said Monday it would proceed with an initial public offering in Stockholm, in a deal that people familiar with the matter say could value it at upward of $25 billion. Volvo said it aims to raise about 25 billion kronor, equivalent to $2.86 billion, from the issue of new shares. Geely could also sell an unspecified number of its shares. Volvo didn’t provide a target valuation of the entire company following any IPO, or say what percentage stake Geely would retain. Geely has previously indicated it would likely remain a major shareholder after any offering.