Jump start: Volvo Cars shares rise on £13bn market debut
Volvo Cars shares have jumped on its £13bn market debut, which the Swedish carmaker said was “substantially oversubscribed”.
It’s share price rose from 53 Swedish krona (£4.50) to around 59.99 krona (£5.10).
The initial public offering (IPO), one of Europe’s largest this year, was delayed amid faltering investor confidence, according to reports.
The carmaker, owned by China’s Zhejiang Geely Holding Group, has hopes to raise £1.7bn from the listing – as it gears up to become fully electric by 2030.
“Volvo Cars has an ambitious strategy to become fully electric by 2030 and is also undergoing a transition towards a more direct to customer sales model,” Volvo Cars boss Håkan Samuelsson said.
“Today’s listing will help us get there and I would like to extend a warm welcome to all our new shareholders. We will work hard to execute our plan and create further value for all shareholders.”