Volvo Cars IPO: Sweden’s leading car manufacturer Volvo has announced to bring IPO. China’s Zhejiang Geely, owner of Volvo Cars, said that the process for the IPO has been started. He told that the IPO will be launched in Stockholm, capital of Sweden. He told that the company has set a target of raising $ 25 billion (about $ 25 million) from the IPO.
Volvo has also not given any information about the company’s targeted valuation after the IPO, nor is it yet known what percentage of Zhejiang Geely will retain in the company. Geely had earlier indicated that it would remain a major shareholder after the IPO.
Volvo will spend the proceeds from the IPO on converting its fleet to an all-electric one. Along with this, the company will also invest in the supply of batteries and production of electric motors in Europe, UK and China.
Let us tell you that due to the global financial crisis, Ford Motor Company sold the Swedish car company to Geely in 2010 for $ 1.8 billion.
Hakan Samuelsson, chief executive officer of Volvo Cars, said that the idea behind the IPO is to secure the future of the company. He said that Volvo will soon become a green electric car company.
He said that the details about the IPO will be disclosed soon.
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