Swedish car manufacturer Volvo Cars reported on another financial success. The company’s recent IPO and listing on NASDAQ Stockholm boosted its shares in price. According to the stock exchange, the shares skyrocketed right after the beginning of the trading session. The IPO was initially estimated at 20 billion Swedish crowns ($2.3 billion) and started with 53 Swedish crowns per share. Lately, the price began to increase sharply. "The offering was substantially oversubscribed as it attracted strong interest from institutional investors in Sweden and abroad as well as from the general public in the Nordics," the company’s representative said. After 20 years of absence, Volvo Cars has entered the bourse. All this time the company was private. Owned by Geely Holding, the company planned to apply for listing in 2018 but it failed. According to the company’s statement, funds received from the IPO will help the manufacturer support its development strategy. Volvo intends to become a fully electric carmaker by 2030 and reach net-zero greenhouse gas emissions by 2040.
