Volvo cuts IPO size
Volvo Cars shrank its initial public offering on Monday (October 25), pricing it at the bottom of a previously announced range, valuing the business at just over $18 billion.
That's well below the $23 billion it had expected at the top of the IPO pricing range.
European and U.S. IPO markets have been hit by cancellations as inflation and global supply chain crunches have increased stock market volatility, while many more companies are reported to have pushed back plans rather than risk U-turns.
Carmakers have been hurt by production disruptions due to a semiconductor shortage, with several cutting production targets and shutting factories on concerns it will run well into 2022.
Volvo Cars said it plans to raise around 20 billion Swedish crowns, or $2.3 billion, down a fifth from its previous target.
CEO Hakan Samuelsson said he was "totally convinced" this would be enough, and the price should not be seen as negative.
Volvo Cars said the first day of trading on Nasdaq Stockholm was expected on October 29, a day later than previously announced.
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