Volvo Car eyes $2.6 billion through Stockholm IPO, says report

Volvo Car is looking to raise 25 billion kronor ($2.9 billion) in a Stockholm initial public offering in a test for automakers amid the sector’s transition to electric vehicles.

The Swedish carmaker, owned by China’s Zhejiang Geely Holding Group, is offering shares at 53 kronor to 68 kronor each, according to a statement Monday. 

The deal values Volvo Cars at as much as $23 billion, 11 years after the Chinese firm bought the business from Ford Motor Co. for $1.8 billion. The IPO is set to be Europe’s largest since January, according to the data compiled by Bloomberg.