China’s Geely seeks Volvo Cars initial public offering, valued at up to $30bn
New York/Stockholm/Beijing — The Chinese owner of Volvo Cars has hired three investment banks for an initial public offering (IPO) this year that could value the Swedish car maker at between $16bn and $30bn, a person familiar with the matter told Reuters on Thursday. China’s Zhejiang Geely Holding Group, which bought Volvo Cars in 2010, has picked Citigroup, Goldman Sachs and Morgan Stanley for the listing, the source said, who asked not to be identified because the deliberations are confidential. The potential listing could take place as soon as September this year, the source said, although market conditions will ultimately determine the timing. A spokesperson at Volvo Cars said an IPO was an option and the decision was up to its owner. She gave no other comments. Geely said in a statement to Reuters on Friday that the firm was "looking at the possibilities" when asked about the dual listing plans for Volvo Cars. "We haven’t made a final decision on how to proceed as of yet." Geel...
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