Volvo Cars to launch an IPO and list on Nasdaq Stockholm
Volvo Cars, which reported record growth in unit sales and revenues in the first half of 2021, announces its intention to launch an Initial Public Offering (IPO) and to list its class B shares on Nasdaq Stockholm.
The proposed IPO is expected to consist of the issuance of new shares by Volvo Cars to raise gross proceeds of approximately SEK 25 billion (EUR 2.46 billion). Volvo Cars’ current Swedish institutional shareholders AMF and Folksam intend to remain as shareholders following completion of the IPO. “Today is an important milestone for our company with the announcement that we intend to list Volvo Cars on Nasdaq Stockholm. The proposed IPO marks a new chapter for Volvo Cars, and we invite Swedish and international investors to participate in our future growth and value-creation. The decision to proceed with an IPO will help strengthen our brand and accelerate our transformation strategy – towards full electrification, direct consumer relationships and the next level of safety. This will position the company to deliver continuous growing volumes, revenues and profitability,” says Håkan Samuelsson, CEO of Volvo Cars, in a press statement. AMF and Folksam currently hold 2.2% of the shares in Volvo Cars through preference shares. Following completion of the IPO, AMF and Folksam intend to remain as shareholders in Volvo Cars through listed shares.