Volvo to raise $2.9bn in IPO

Proceeds will help Volvo shift to a direct-to-consumer sales and subscription model as it plans to go fully electric by 2030Volvo Cars is looking to raise 25-billion kronor in a Stockholm initial public offering in a test for automakers amid the sector’s transition to electric vehicles.

The IPO is set to be Europe’s largest since Polish parcel-locker provider InPost's €2.8bn offering in January, according to data compiled by Bloomberg. The IPO also comes less than a month after electric-vehicle maker Polestar, controlled by Volvo and Geely, said it will go public in New York via a blank-cheque merger. The deal implies an enterprise value of $20bn for the start-up, with Volvo expecting to hold a 50% stake in Polestar after it lists.

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