RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Business

Volvo Cut Size Of Initial Share Offering

Rate Captain by Rate Captain
October 25, 2021
in Business, Markets
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Volvo Cars, owned by Chinese automaker Geely, cut the size of its initial public offering on Monday, setting the price for the listing at 53 crowns per share, the low end of its previously announced range.

Volvo had previously said the shares would be priced within a range of 53 crowns ($6.2) to 68 crowns per share, but the market for European IPOs has taken a turn for the worse in recent months as inflation and global supply chain crunches have increased stock market volatility.

Automakers have been particularly hurt by production disruptions due to a semiconductor shortage as several of them cut production targets and shut factories on concern that the crisis will run well into next year.

At the current price, Volvo Cars would be valued at just over $18 billion, down from as much as $23 billion it had expected at the top of the pricing range.

Volvo Cars said on Monday it was planning to raise around 20 billion Swedish crowns ($2.3 billion) in the IPO, down a fifth from its previous plans.

European and U.S. IPO markets have been hit by a slew of cancellations recently, while many more companies are believed to have pushed their plans back behind the scenes.

Volvo Cars and its Chinese owner had tried to go public a few yeas ago but abandoned those plans in 2018 blaming trade tensions and a downturn in automotive stocks.

Political tension between China and Sweden still persist after Stockholm banned Huawei from its 5G networks and Swedish companies like Ericsson (BS:ERICAs) have lost business in the Asian country.

Geely, which paid Ford Motor (NYSE:F) Co $1.8 billion for Volvo in 2010, would not exercise an over-allotment option, while the amended offering would result in a free float of between 16.0% and 17.9%.

Volvo said the first day of trading on Nasdaq Stockholm was expected on Oct. 29, one day later than it had previously announced.

($1 = 8.5737 Swedish crowns)

 

 

AlsoRead

Telcos fault FG’s move to impose new GSM phone call tax

ECB warns that unbacked crypto assets represent a risk to financial stability

BREAKING: CBN raises benchmark interest rate to 13%

 

 

 

News Source: Reuters

Previous Post

Tesla drives toward $1 trillion club

Next Post

Germany Stock Were Higher at Close Of Trade On Monday

Related News

Telcos fault FG’s move to impose new GSM phone call tax

Telcos fault FG’s move to impose new GSM phone call tax

by Rate Captain
May 24, 2022
0

Telecommunications operators in the country have faulted the newly proposed tax on phone calls by the Federal Government. The telcos...

European Commission Proposes a Halt in Ukrainian Export Duties

ECB warns that unbacked crypto assets represent a risk to financial stability

by Rate Captain
May 24, 2022
0

The European Central Bank (ECB) stated that unbacked crypto-assets pose a risk to financial stability. The bank said it conducted...

CBN governor respond to APC 100M president form

BREAKING: CBN raises benchmark interest rate to 13%

by Rate Captain
May 24, 2022
0

The policy-setting committee of the Central Bank of Nigeria (CBN) has voted to raise the monetary policy rate (MPR), which...

MTNN Share Price gains 1.21% after CBN granted the final approval of its MoMo PSB

MTN Nigeria now more valuable than all Nigerian Banks combined

by Rate Captain
May 23, 2022
0

is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies...

Next Post

Germany Stock Were Higher at Close Of Trade On Monday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Telcos fault FG’s move to impose new GSM phone call tax

Telcos fault FG’s move to impose new GSM phone call tax

May 24, 2022
European Commission Proposes a Halt in Ukrainian Export Duties

ECB warns that unbacked crypto assets represent a risk to financial stability

May 24, 2022

Popular Story

  • CBN governor respond to APC 100M president form

    BREAKING: CBN raises benchmark interest rate to 13%

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • Investment Bank, JP Morgan predicts Foreign Exchange Rates from 2022-2023

    0 shares
    Share 0 Tweet 0
  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • BNP Paribas has joined JPMorgan’s blockchain-based network.

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.