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10.11 - 18:01
Volvo shares charge ahead on £13bn stock market debut
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Volvo Cars shares rose on Friday after its £13bn stock market debut, as investors bet on the carmaker’s planned shift to electric vehicles.
The Swedish firm’s stock was trading at 59.99 Swedish kronor (£5.10) on Friday morning, pushing past the listing price of 53 kroner a share in the wake of the initial public offering (IPO), which the company said was “substantially oversubscribed”.
Volvo, which is owned by China’s Zhejiang Geely Holding Group and headquartered in Gothenburg, said the flotation in Stockholm valued the company at 158bn kronor and would help fund plans to shift entirely to electric vehicles within the next decade.
The IPO is one of Europe’s largest this year and Sweden’s biggest since the telecom operator Telia Co AB listed
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