London/Hong Kong — Initial investor feedback has valued Volvo Cars far below owner Zhejiang Geely Holding Group’s top-end estimates for a potential listing, people familiar with the matter said. Select institutional investors have indicated the Swedish car maker is worth about $12bn to $18bn in early meetings to discuss an initial public offering (IPO), the people said, asking not to be named as the deliberations are confidential. China’s Zhejiang Geely and Volvo had discussed a value of $16bn to $30bn, people familiar with the matter said in May. Representatives for Zhejiang Geely and Volvo declined to comment. A mismatch on the car maker’s worth could mean Volvo stays private for longer, the people said. Zhejiang Geely had sought a significant premium to the multiples commanded by other car makers, including Daimler and BMW, they said. The Chinese owners were planning to sell shares as early as the fall in Hong Kong and Sweden, people familiar with the plans said previously. Close...

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