After Polestar, too Volvo announces the will to join B0rsa. The Swedish carmaker, owned by the Geely group, officially confirmed what had been the rumors recently launched by the Wall Street Journal: the company is ready to go public on the Stockholm Stock Exchange, on the Nasdaq Stockholm price list. An official note issued by Volvo itself also announced the figures of the operation: for the listing, the Swedish car manufacturer aims to raise 25 billion Swedish crowns, about 2.5 billion euros.
“The objective of this listing is to support the transformation and continuous growth of the group, with its ambitious mid-decade targets dedicated to electrification, sustainability and digitalization – reads the note issued by Volvo – It will also allow us to access the Swedish and international capital markets and diversify the share base ”. As reported by Il Sole 24 Ore, Volvo explained that the IPO will come after record growth in sales and revenues in the first half of 2021, and is aimed at giving shareholders the opportunity to invest in one of the premium automotive companies with fastest growing in the world. Furthermore, as part of this listing, the Chinese group Geely, owner of Volvo as well as Polestar, will sell part of its shares, while maintaining the status of main shareholder.
“We have sustained transformation and growth of this iconic Swedish brand during a period of unprecedented change in our industry – said Eric Li, president of Volvo and controlling shareholder of Geely – Over the past decade, Volvo has become one of the fastest growing car manufacturers. We will continue to support Volvo Cars as the majority shareholder in this continuing global success story. ” Hakan Samuelsson, the CEO of the Swedish brand, was also pleased with the listing “milestone for Volvo “.