Volvo Vehicles IPO oversubscribed forward of buying and selling debut By Reuters

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© Reuters. FILE PHOTO: A Volvo car dealer employee wearing a protective mask is seen in the showroom amid the coronavirus disease (COVID-19) outbreak in Brussels, Belgium, May 28, 2020. REUTERS / Yves Herman

STOCKHOLM (Reuters) – Geely-owned automaker Volvo Cars said its initial public offering (IPO) was significantly oversubscribed as it prepared for its stock market debut in Stockholm later on Friday.

Volvo Cars, based in Gothenburg, which is owned by Geely Holding, which will hold the vast majority of the company’s shares, said the IPO would bring in more than two hundred thousand new shareholders.

“The offer was significantly oversubscribed as it attracted strong interest from institutional investors in Sweden and abroad as well as the general public in the Nordic countries,” the automaker said in a statement.

The IPO had already priced at 53 Swedish kroner (US $ 6.22) per share, and the sale of nearly 380 million new shares will generate gross proceeds of approximately 20 billion kroner for Volvo’s move to an all-electric range of models finance.

($ 1 = 8,5201 Swedish crowns)

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