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Volvo Readies IPO at $30 Billion Valuation
Volvo Car Corp. is moving ahead with plans for an initial public offering later this year after investors indicated support for a company valuation of $30 billion, sources tell the Financial Times.
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Volvo Car Corp. is moving ahead with plans for an initial public offering later this year after investors indicated support for a company valuation of $30 billion, sources tell the Financial Times.
The sources say the IPO will be listed in Stockholm and perhaps Hong Kong or another Asian financial center. China’s Zhejiang Geely Holding Group Ltd. acquired Volvo Cars from Ford Motor Co. eight years ago in a deal worth $1.8 billion.
FT noted in May that Geely was not likely to proceed with an IPO unless it could guarantee a market value at $30 billion or more for the Swedish carmaker.
Volvo Cars sold 570,000 cars and crossovers last year. The company aims within 10 years to hike profitability 50% and double sales, with half its volume coming through subscription schemes rather than conventional leases and retail sales.
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