|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||26.23 - 26.55|
|52-week range||15.00 - 34.03|
|Beta (5Y monthly)||1.10|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.20 (1.33%)|
|Ex-dividend date||28 May 2021|
|1y target est||N/A|
STOCKHOLM (Reuters) -Volvo Cars, owned by Chinese automaker Geely, cut the size of its initial public offering on Monday, setting the price for the listing at 53 crowns per share, the low end of its previously announced range. Volvo had previously said the shares would be priced within a range of 53 crowns ($6.2) to 68 crowns per share, but the market for European IPOs has taken a turn for the worse in recent months as inflation and global supply chain crunches have increased stock market volatility. At the current price, Volvo Cars would be valued at just over $18 billion, down from as much as $23 billion it had expected at the top of the pricing range.
Geely and Volvo Car's joint Lynk & Co brand said on Wednesday it plans to expand its sales network beyond China and Europe to the Gulf region in the fourth quarter of this year. Lynk & Co, which sells and rents cars to customers on monthly subscriptions, will also begin its Asian market expansion "in due course", it said in a statement. It will mainly sell its cars through dealers in the Middle East and Asia, like China, rather than use the subscription model it has established in Europe, said Lin Jie, a Geely Auto senior vice president who also oversees Lynk & Co's sales.
The Zacks Analyst Blog Highlights: Li Auto, NIO, XPeng and Geely Automobile