Volvo Cars: Record-Breaking Initial Public Offering
Last week on Friday our Patron company Volvo Cars held their much-anticipated listing on the Stockholm stock exchange. The market reacted warmly to the IPO, which had been substantially oversubscribed, and the stock went up by 22% on its first day of trading. The IPO was Europe’s largest for 2021 and was Sweden’s second largest ever at $18 billion, which rose to roughly $22 billion after a day of trading. Having raised $2.3 billion, Volvo wishes to use the proceeds to increase their car-making capacity and almost double their annual sales to 1.2 million vehicles by 2025. Volvo Cars has committed to only selling electric vehicles by 2030.