Volvo parent company, Zhejiang Geely has selected Citigroup, Goldman Sachs and Morgan Stanley to advise on an initial public offering (IPO).
According to Bloomberg, Geely is looking at a value of between $16 billion and $30 billion and a dual listing on exchanges in Hong Kong and Sweden as early as this fall.
When contacted by Bloomberg, a spokesperson for Volvo said an IPO was an option but that the decision was entirely up to Geely.
The report explained that Geely has done an impressive job of transforming Volvo since acquiring the brand from Ford in 2010. Volvos today are comparable with Germany’s best and the company is also expanding with the Lynk & Co. and Polestar sister brands. Volvo is also in the process of introducing a new generation of compact cars, starting with the impressive XC40, and is a year out from entering the electric car race.
Volvo delivered 572,000 cars in 2017 and has a target of 800,000 cars by 2020. The company also reported a 2017 operating profit of $1.64 billion and is on track to increase this in 2018.
