rakuten left binance left net_left adver left
Detail

Volvo Cars gears up for $20 billion IPO in coming weeks, sources say

By Helena Soderpalm, Arno Schuetze and Abhinav Ramnarayan STOCKHOLM (Reuters) - China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the...
Volvo Cars gears up for $20 billion IPO in coming weeks, sources say © Reuters. FILE PHOTO: A Pure Electric sign is seen above a Volvo vehicle displayed during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. REUTERS/Aly Song/File Photo

By Helena Soderpalm, Arno Schuetze and Abhinav Ramnarayan

STOCKHOLM (Reuters) - China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year.

Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was pencilled in for the end of September.

Goldman Sachs (NYSE:GS) and SEB are leading the transaction, while other banks including BNP Paribas (OTC:BNPQY), Carnegie and HSBC are also involved in the deal, the sources added.

Volvo Cars declined to comment. Geely did not immediately respond to an emailed request for comment outside normal business hours in China. SEB and Goldman Sachs declined to comment. The other banks were not immediately available.

Geely, which bought Volvo from Ford Motor (NYSE:F) https://www.reuters.com/business/autos-transportation/how-chinese-tycoon-driving-volvo-plans-tackle-tesla-2021-09-02 more than a decade ago in the biggest acquisition by a Chinese firm of a foreign car maker, sought to float shares in the Swedish firm in 2018 but then pulled the deal citing trade tensions and a downturn in automotive stocks.

Traditional carmakers have fallen out of favour in recent years, as Tesla (NASDAQ:TSLA) has risen to be one of the world's most valuable companies, putting the focus on electric vehicles.

Many European firms have pivoted toward the electric sector, including Volvo Cars which aims to only make fully electric cars by 2030 and owns a 49.5% stake in electric car maker Polestar.

VALUATION

Gothenburg-based Volvo Cars aims to secure a valuation of roughly $20 billion, one of the sources said, while another mentioned a possible range of $20 billion to $30 billion.

A third source suggested a $16 billion valuation was more realistic, citing the firm's revenue outlook.

A $20 billion valuation for Volvo would be equivalent to six to seven times its earnings, a level some analysts say is high although it would put it in line with rivals Daimler (OTC:DDAIF) and BMW. Tesla's valuation is more than 70 times.

NordLB's automotive analyst Frank Schwope estimated a valuation range of $10 billion to $15 billion.

"The strong margins seen in the first half of 2021 are unlikely sustainable as the market benefited from a strong post-pandemic rebound that is unlikely to continue," Schwope said.

For Geely's founder Li Shufu, who bought Volvo for $1.8 billion, the listing is a milestone on the road to transport of the future, where cars are part of an electrified network of mobility services generating data and business opportunities.

A slew of startups have tapped into the investor frenzy for electric vehicles this year. Rivian, which rolled its first electric pickup truck off the production line this week, will seek a valuation https://www.reuters.com/business/autos-transportation/amazon-backed-rivian-seeking-70-80-billion-valuation-ipo-source-2021-08-27 of about $70 billion to $80 billion when it goes public at the end of this year, sources have told Reuters.

Nordea Chief Investment Officer John Hernander said the bank was interested in buying Volvo shares if a big enough chunk of the company was sold to keep liquidity high.

"That is key. We and many others have been really disappointed in the low liquidity in Traton," he said, drawing parallels to the 2019 IPO of the truck unit, in which owner Volkswagen (DE:VOWG_p) floated 11.5% of the shares.

Volvo warned this month that sales volumes in the second half of 2021 could fall year on year after it had been forced to cut production due to material shortages.

ig right nyse right Neteller adver right
APPROVED BROKERS
Row 1 Left net_home_top Row 1 Right Row 2 Left Row 2 Center Row 2 Right Main Right TOP 07 Main Right TOP 06 Main Right TOP 05 Main Right TOP 04 Main Right TOP 03 Main Right TOP 01
21-09-2021 06:47:25 (UTC+7)

EUR/USD

1.1727

+0.0002 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

EUR/USD

1.1727

+0.0002 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

GBP/USD

1.3662

+0.0005 (+0.04%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (8)

Sell (1)

USD/JPY

109.40

+0.01 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (0)

AUD/USD

0.7258

+0.0008 (+0.12%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (1)

USD/CAD

1.2807

-0.0019 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (11)

EUR/JPY

128.30

+0.04 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (0)

EUR/CHF

1.0879

+0.0003 (+0.03%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (5)

Gold Futures

1,765.15

+1.35 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (5)

Silver Futures

22.258

+0.054 (+0.24%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (7)

Copper Futures

4.1330

+0.0080 (+0.19%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Crude Oil WTI Futures

70.56

+0.42 (+0.60%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Brent Oil Futures

74.24

+0.18 (+0.24%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

Natural Gas Futures

4.951

-0.006 (-0.12%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

US Coffee C Futures

182.30

-4.10 (-2.20%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

4,043.63

-87.21 (-2.11%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (8)

S&P 500

4,357.73

-75.26 (-1.70%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (1)

DAX

15,132.06

-358.11 (-2.31%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (2)

FTSE 100

6,903.91

-59.73 (-0.86%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (3)

Hang Seng

24,099.14

-821.62 (-3.30%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,178.78

-58.09 (-2.60%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (1)

IBEX 35

8,655.40

-105.50 (-1.20%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

BASF SE NA O.N.

61.660

-1.425 (-2.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

45.23

+0.16 (+0.36%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (10)

Allianz SE VNA O.N.

183.86

-6.37 (-3.35%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (4)

Adidas AG

280.52

-1.08 (-0.38%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (2)

Sell (6)

Deutsche Lufthansa AG

8.664

+0.454 (+5.53%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (3)

Siemens AG Class N

142.26

-6.50 (-4.37%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (5)

Deutsche Bank AG

10.230

-0.850 (-7.67%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

 EUR/USD1.1727↑ Sell
 GBP/USD1.3662↑ Buy
 USD/JPY109.40↑ Buy
 AUD/USD0.7258↑ Buy
 USD/CAD1.2807↑ Sell
 EUR/JPY128.30↑ Buy
 EUR/CHF1.0879Sell
 Gold1,765.15↑ Sell
 Silver22.258↑ Sell
 Copper4.1330↑ Buy
 Crude Oil WTI70.56↑ Buy
 Brent Oil74.24↑ Buy
 Natural Gas4.951↑ Buy
 US Coffee C182.30↑ Sell
 Euro Stoxx 504,043.63↑ Sell
 S&P 5004,357.73↑ Buy
 DAX15,132.06↑ Buy
 FTSE 1006,903.91Neutral
 Hang Seng24,099.14↑ Buy
 Small Cap 20002,178.78↑ Buy
 IBEX 358,655.40↑ Sell
 BASF61.660↑ Buy
 Bayer45.23↑ Sell
 Allianz183.86↑ Buy
 Adidas280.52Neutral
 Lufthansa8.664Neutral
 Siemens AG142.26Sell
 Deutsche Bank AG10.230↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,650/ 5,700
(0/ 0) # 856
SJC HCM5,615/ 5,680
(0/ 0) # 836
SJC Hanoi5,615/ 5,682
(0/ 0) # 838
SJC Danang5,615/ 5,682
(0/ 0) # 838
SJC Nhatrang5,615/ 5,682
(0/ 0) # 838
SJC Cantho5,615/ 5,682
(0/ 0) # 838
Cập nhật 21-09-2021 06:47:30
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,765.21+11.010.63%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2149021910
RON 95-II,III2139021810
E5 RON 92-II2014020540
DO 0.05S1602016340
DO 0,001S-V1637016690
Dầu hỏa1508015380
ↂ Giá dầu thô thế giới
WTI$70.52+0.530.76%
Brent$74.14+0.560.75%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.645,0022.875,00
EUR25.997,5927.350,60
GBP30.426,3531.697,56
JPY202,06213,76
KRW16,5320,13
Cập nhật lúc 06:41:05 21/09/2021
Xem bảng tỷ giá hối đoái
binance main right Fxpro aetos main right adver main right