November 29, 2021

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Volvo Cars is valued at 194 billion NOK - E24

Volvo Cars is valued at 194 billion NOK – E24

The car manufacturer is aiming for an initial public offering on October 28.

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Volvo Cars reports on Monday that the upcoming stock exchange listing price will end in the range of SEK 53-68 per share.

In this case, the company will give a market value of 163-200 billion SEK, compared to 158-194 billion NOK.

Bloomberg writes that the listing is expected to be the largest since the listing of Polish treasury firm Inpost in January.

It is already known that the company will collect 25 billion Swedish kronor on the list. It also opens up to the option of over-allocation of shares worth 3.5 billion Swedish kronor.

Both insurance companies and funds were involved as primary investors in connection with the listing. In all, they have subscribed to buy shares worth SEK 6.4 billion, equivalent to 26 percent of the shares to be offered.

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The offer period for those who wish to buy shares in the upcoming capital increase begins as early as Tuesday. This will last a week, before the company is listed on the stock exchange on Thursday, October 28.

The offer goes to international investment institutions, as well as to private investors in Sweden, Denmark, Finland and Norway.

In the prospectus accompanying the show, the company also presents the results so far this year. Here it appears that Volvo Cars sold 530,649 cars in the first nine months of the year, an increase of 18 percent over the same period last year.

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Revenue in the same period was 202 billion Swedish kronor, up from 177.5 billion in the first nine months of last year.

On the other hand, the result ended at 11.9 billion SEK, an increase of 2.15 billion SEK last year.

4th best selling car brand in Norway

Volvo Cars is part of the Volvo company that makes passenger cars. Sweden-owned Volvo AB still manufactures trucks, buses and trucks. It is worth about 305 billion Norwegian kroner, and it is listed on the Swedish Stock Exchange.

Volvo co-founded electric car company Polestar with Geely, and announced in September that it would be listed on the Nasdaq in New York. The listing is through Spac Gores Guggenheim, and Volvo Cars states in the press release that it aims to own approximately 50 percent of the combined company.

According to the Road Traffic Information Council’s statistics, 10,357 new Volvo passenger cars have been registered this year so far. This makes the Swedish car brand in Norway the fourth best-selling car in Norway, so far this year. In addition, 2,882 passenger cars of the related electric vehicle brand Polestar were registered.