Volvo sets share price as it gears up for Stockholm stock exchange listing
Swedish car manufacturer Volvo revealed its fixed share price as it prepared for its stock exchange listing this week.
Volvo said on Monday it had set a fixed share price of 53 kronor ($6.20). The price is at the bottom end of the range that Volvo announced last week – which was between 53 and 68 kronor per share – ahead of its initial public offering (IPO).
In a statement, the car manufacturer also lowered the amount it plans to raise by going public from 25 billion kronor ($2.9 billion) to 20 billion kronor ($2.3 billion).
And it said its first day of trading will be on October 29th, one day later than previously announced.
Volvo first stated its plans to go public in early October, while noting that China's Geely would remain the largest shareholder.
The Swedish car manufacturer had been struggling until Geely acquired it from US giant Ford for $1.8 billion in 2010.
Volvo's image and sales have dramatically improved since then, riding the wave of popularity of SUVs. The company plans to go all-electric by 2030.
Volvo Cars CEO Håkan Samuelsson said in the statement that "the proceeds raised from the IPO together with our strong balance sheet will secure the funding of our fastest transformer strategy and the delivery of our mid-decade ambitions".
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Volvo said on Monday it had set a fixed share price of 53 kronor ($6.20). The price is at the bottom end of the range that Volvo announced last week – which was between 53 and 68 kronor per share – ahead of its initial public offering (IPO).
In a statement, the car manufacturer also lowered the amount it plans to raise by going public from 25 billion kronor ($2.9 billion) to 20 billion kronor ($2.3 billion).
And it said its first day of trading will be on October 29th, one day later than previously announced.
Volvo first stated its plans to go public in early October, while noting that China's Geely would remain the largest shareholder.
The Swedish car manufacturer had been struggling until Geely acquired it from US giant Ford for $1.8 billion in 2010.
Volvo's image and sales have dramatically improved since then, riding the wave of popularity of SUVs. The company plans to go all-electric by 2030.
Volvo Cars CEO Håkan Samuelsson said in the statement that "the proceeds raised from the IPO together with our strong balance sheet will secure the funding of our fastest transformer strategy and the delivery of our mid-decade ambitions".
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