Volvo Soars In Debut

Volvo ($VLVLY@Sweden) Cars wrapped up the biggest European IPO of the year by rising 22% in Stockholm on Friday. The company's performance is giving a boost to other firms that want to debut soon, as well as encouraging electric vehicle manufacturers. After cutting its valuation and lowering its initial stock price, the company recovered some of its value as investors rushed to take part. Now that the firm sits at a value of around $22 billion, Chief Executive Hakan Samuelsson believes Volvo can take the mantle of “fastest transformer” in the industry. Samuelsson also said, “there’s a much bigger interest in the market to invest in electric car makers than in conventional ones.” To that end, Volvo aims to become a totally electric company by 2030 and holds a 49% stake in the EV venture known as Polestar. Polestar, for its part, plans to go public with a $20 billion deal in the near future. An anonymous source told Reuters that, “The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that.”