Volvo Car Reduces IPO Size: Bloomberg - Geely Automobile Hldgs (OTC:GELYF), Geely Automobile Hldgs (OTC:GELYY)

Volvo Car AB cut its initial public offering by a fifth, agitated by soaring energy costs and persistent supply chain delays, Bloomberg reports.
Owner Zhejiang Geely Holding Group, the parent of Geely Automobile Holdings Ltd GELYF GELYY, is now selling Volvo Car shares to raise about 20 billion kronor ($2.3 billion), setting a price of 53 kronor a share at the low end of its initial range.
Volvo Car seeks to sell only fully electric vehicles by the end of this decade and build a battery plant in Europe.
Volvo Car will use the IPO funds to add carmaking capacity to almost double annual sales to 1.2 million vehicles by 2025.
Volvo Car initially projected a valuation of $19 billion - $23 billion, the report adds.
An overabundance of similar IPOs and Volvo Cars' hard-to-value stake in electric sportscar-maker Polestar has curbed investor appetite under the initially planned terms.
Investors also resisted Geely retaining almost all of the company's voting rights, prompting a change in the share structure. The reduced listing plan will have a free float of up to 17.9%.
Volvo Car also delayed its trading start in Stockholm by a day to October 29.
Geely is attempting to float Volvo Car for a second time after the 2018 attempt for a valuation of ~$30 billion.
Price Action: GELYY shares traded higher by 0.98% at $68.97 on the last check Monday.