Successful IPO for Volvo

Successful IPO for Volvo

Volvo Cars completed Europe’s biggest IPO of 2021 so far

After cutting and pricing the size of its listing at the bottom of the previously announced range of 53 – 68 SEK, Volvo was valued at around $23 billion, making it Sweden’s second-largest listing yet.

On the initial public offering, Volvo CFO Bjorn Annwall stated: “It’s an important milestone. We have talked for ten years that we should be acting as a public company. We tried a number of times, so it is a bit of a relief,”

Through Volvo’s IPO, the European automotive industry embarked on a challenging transition towards electric vehicles. According to CEO Håkan Samuelsson, the listing represented a recognition of Volvo Cars ability to transition to the EV sector.

Volvo Cars stock price surged 22% on its market debut, trading at 64.70 SEK ($7.59).

Sources: ft.com, reuters.com

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