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
