Volvo cuts its IPO by a fifth

Volvo Cars slashed its initial public offering by a fifth, making it the latest in a string of European companies to pull back from equity markets roiled by soaring energy costs and persistent supply chain delays.

A glut of similar IPOs and the hard-to-value stake Volvo Cars owns in electric sports carmaker Polestar has curbed investor appetite under the originally planned terms, according to people familiar with proceedings said. The Swedish manufacturer initially projected a valuation of between $19bn and $23bn.

“The proceeds raised from the IPO together with our strong balance sheet will secure the funding of our fastest transformer strategy and the delivery of our mid-decade ambitions,” CEO Hakan Samuelsson said in the statement.

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