Company briefs: Volvo
Sign up now: Get ST's newsletters delivered to your inbox
Volvo
Geely-owned Volvo Cars said on Monday that its initial public offering (IPO) would be priced within a range of 53 to 68 Swedish kronor per share, valuing the automaker at up to US$23 billion (S$30.9 billion) in what is likely to be one of Europe's biggest listings this year.
Volvo Cars, which has spent years under the Geely Holding umbrella, boosting its foothold in the premium market, said this month it planned to raise US$2.9 billion through an IPO and list its shares on the Nasdaq Stockholm. The carmaker said its IPO would value the company at between 163 billion and 200 billion kronor and that shares would begin trading on Oct 28.
REUTERS
N26
German online bank N26 said on Monday that it had completed a US$900 million (S$1.2 billion) fund-raising round that valued the company at more than US$9 billion. It is good news for the bank, which in recent months has come under fire for breaches related to money laundering controls and prevention. The latest financing makes N26, founded in 2013, Germany's most valuable fintech.
N26's smartphone banking app offers a scalable, low-cost model that has attracted backing from, among others, insurer Allianz, GIC and Tencent. N26 said it has over seven million customers in 25 countries.
REUTERS
Rex International
Oil exploration and production company Rex International is looking to transfer its listing from the Singapore Exchange's Catalist board to the mainboard.
In a bourse filing yesterday, the company noted its market capitalisation is now above $300 million, and said a listing on the mainboard would enhance long-term value for its shareholders.
This includes providing the company with a wider platform to reach out to a larger investor base to facilitate greater access to equity and debt markets.
THE BUSINESS TIMES
