Northvolt is looking to list its shares in Stockholm over other venues for one of the largest flotations for a European company in recent years.
The Swedish battery maker has invited investment banks to pitch formally for roles in the deal that could value the company at roughly $20bn, while Rothschild & Co has been providing advice on the initial public offering process, according to people familiar with the matter.
The company, which was founded in 2017 by two former Tesla executives to become Europe’s largest homegrown battery maker, could go public as soon as next year. However, its plans are preliminary and could change, especially as market conditions remain volatile, the people said.
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