Volvo IPO: Swedish Carmaker Preparing for $25 Billion Offering - WSJ
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Volvo Cars, owned by Chinese Zhejiang Geely Holding Group, is preparing to go public in Stockholm, Sweden, according to the Wall Street Journal.
Details of the upcoming IPO are due to be released today as the company completed the paperwork for an offering that values the company at roughly $25 billion. This valuation would push the Swedish company above the French car powerhouse Renault.
Geely bought Volvo for $1.8 billion from Fordo in 2010, which had acquired the company for $6.47 billion back in 1999.
New models and financial backing from Chinese owners helped drive sales in Europe, mainly, and China. For the first half of the year, Volvo saw its sales soar 41% to 380,757 units, including 63,754 vehicles sold in the US.
Geely also struck a deal for electric vehicle maker Polestar, owned together with Volvo and others, that will see the company go public at a valuation of about $20 billion. Volvo’s stake is valued at about $10 billion, according to the WSJ.
“Volvo Cars is especially well-positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous-drive functions,” Eric Li, chairman of Geely Holding, said in May.
It is still unclear how big of a stake Geely is looking to sell through an IPO. It is believed that Geely invested over $11 billion in Volvo since acquiring the company in 2010.
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