Sweden’s Volvo Cars launches IPO, seeks Stockholm listing

HELSINKI (AP) — The Chinese-controlled Swedish car maker Volvo Cars will make a return as a listed company after a hiatus of more than two decades following an initial public offering and share listing in Sweden later this month. The Goteborg, Sweden-headquartered Volvo Cars said in a statement Monday that the company, owned by China’s Zhejiang Geely Holding Group Co., would offer shares at 53 Swedish kronor to 68 kronor each in a move that is expected to raise $2.9 billion, valuing the automaker at up to $23 billion. The Chinese company bought Volvo’s business for $1.8 billion in 2010 from Ford Motor Co. Geely, and says it will continue as the Swedish company’s main owner after the listing.