Volvo steps up drive to flotation with £483m fundraising from institutional investors

Volvo has gone further down the road to a stock market listing after a major fundraising with Swedish institutional investors. The car company - which is owned by China’s Zhejiang Geely Holding Group - raised SEK 5bn (£483m) by issuing preference shares to pension funds AMF and AP1 and insurance group Folksam. Revealing the move, Volvo said it was “another step towards our long-expressed ambition to act as a listed company”.