Shares in Volvo Cars surges over 20% as the Chinese-owned premium car made its stock market debut after a prolonged journey to being listed, according to a report by FT on Friday.

  • Volvo’s Chinese owner Zhejiang Geely, which owns nearly 80% of the carmaker, was pushed last week to convert its vote-heavy shares into normal stock after protests from Swedish investors.
  • The downgraded IPO, a previous effort that was halted in 2008 due to trade tensions between the US, Europe, and China, had been priced at the lower segment of its range.
  • Volvo’s shares grew from their offer price of SKr53 to SKr64.73 in midday trading in Stockholm on Friday, a 22.1 percent gain.

The carmaker will obtain SKr20 bn ($2.4bn) that could rise to SKr23bn when an over-allotment option is fully exercised that it is planning to use mostly to finance its push into electric vehicles. Volvo down -1.04%