Volvo Cars is cutting the size of its stock market listing, pricing it at the bottom of its suggested range and delaying it by a day as the Chinese-controlled carmaker struggles to attract investor interest.
The Swedish group said on Monday that it would now list on Friday, a day later than scheduled, at a price of SKr53 a share, which would give it a market capitalisation of about $18bn.
The carmaker is now looking to raise SKr20bn ($2.3bn) from the initial public offering in Stockholm, down from its initial expectations of SKr25bn, while its Chinese owner Geely will no longer exercise an option that could have added about a fifth to the share sale.
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