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Volvo eyes $23 bln value in share sale

Volvo Cars says an upcoming share sale will value it at up to $23 billion.

That's after it set a price range for the IPO on Monday (October 18).

The Swedish brand is owned by Geely.

Under the Chinese firm's stewardship its spent years strengthening its foothold in the premium market.

Now its shares are set to start trading on October 28.

Chief Executive Hakan Samuelsson says there's strong interest, especially from Nordic investors.

Views on the valuation may depend on the success of Polestar.

That's the electric car brand co-owned by Geely and Volvo, which is set to list shares in a separate transaction.

Volvo says its own share listing should raise $2.9 billion to help fund its future development plans.

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