Volvo cuts back size of planned IPO as Europe deal market tightens

The carmaker, owned by China's Zhejiang Geely Holding Group Co., is now selling shares to raise about 20 billion kronor, Volvo said Monday.

Volvo Car AB 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.

The carmaker, owned by China’s Zhejiang Geely Holding Group Co., is now selling shares to raise about 20 billion kronor ($2.3 billion), Volvo said Monday. It also set a price of 53 kronor a share, at the low end of its initial range. 

A glut of similar IPOs and the hard-to-value stake Volvo Cars owns in electric sportscar-maker Polestar has curbed investor appetite