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Volvo Cars IPO oversubscribed ahead of trading debut

October 29, 2021

Geely-owned automaker Volvo Cars said its initial public offering (IPO) was substantially oversubscribed as it geared up for its bourse debut in Stockholm later on Friday.

Gothenburg-based Volvo Cars, owned by Geely Holding which will retain the vast majority of shares in the company, said the IPO would see it add more than two hundred thousand new shareholders.

“The offering was substantially oversubscribed as it attracted strong interest from institutional investors in Sweden and abroad as well as from the general public in the Nordics,” the carmaker said in a statement.

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