Asian Tech Press (Oct 4) -- Swedish automaker Volvo Cars announced Monday its IPO plans to raise about $2.86 billion in a Stockholm listing.

Volvo reportedly plans to lits Class B shares on Nasdaq Stockholm, and its new share offering will raise a total of about 25 billion Swedish kronor (about $2.86 billion). And its parent company Zhejiang Geely Holding Group Co., Ltd., China's largest private auto group, may also sell an unspecified number of its shares.

However, Volvo did not provide any target valuation for the entire company after the listing, nor did it say what percentage of the shares Geely would retain.

In May, Eric Li Shufu, the founder and Chairman, said, "If Volvo Cars goes public, Geely Holding Group will still retain its status as a majority shareholder."