Geely's Volvo Cars sets IPO price range, seeking up to US$23bil valuation

STOCKHOLM (Reuters) - Geely-owned Volvo Cars said on Monday its initial public offering would be priced within a range of 53 to 68 Swedish crowns per share, valuing the automaker at up to US$23 billion in what is likely to be one Europe's biggest listings this year.

Volvo Cars, which has spent years under the Geely Holding umbrella strengthening its foothold in the premium market, said this month it planned to raise US$2.9 billion through an IPO and list its shares on the Nasdaq Stockholm stock exchange.