Volvo sets IPO price range

Car maker Volvo said on Monday that it’s looking to raise around 25bn Swedish krona ($2.9bn) by listing on the Nasdaq Stockholm stock exchange, as it looks to accelerate its shift towards full electrification.

The company, which is owned by China's Zhejiang Geely Holding Group, had announced plans to go public earlier in October.

It said the expected share price range is between SEK53 and SEK68, which corresponds to a market capitalisation of between SEK163 and SEK200bn. The offering price is expected to be announced on or around 27 October.

Håkan Samuelsson, chief executive of Volvo Cars, said: "The publication of our prospectus is another important step in our journey to become a listed company. We are committed to realising the company’s full potential and to deliver on our purpose, providing customers with the freedom to move in a personal, sustainable and safe way.

"With our bold ambition to transform into full electrification by 2030 we concentrate on a fast growing segment, creating value for our shareholders. As a listed company we can welcome new global investors to our exciting future and we are glad for the strong support we have from Nordic and international cornerstone and anchor investors."