The Chinese-controlled Swedish car manufacturer Volvo Cars will return as a listed company after a break of more than two decades after a stock exchange listing and stock exchange listing in Sweden later this month

HELSINKI (AP) – The Chinese-controlled Swedish car manufacturer Volvo Cars will make a return as a listed company after a break of more than two decades after a stock exchange listing and stock exchange listing in Sweden later this month.

The Gothenburg, Sweden-based Volvo Cars said in a statement on Monday that the company, which is owned by China’s Zhejiang Geely Holding Group Co., would offer shares for SEK 53 to SEK 68 each in a move that is expected to raise 2.9 billion dollars, to the value of the carmaker of up to $ 23 billion.

The Chinese company bought Volvo Cars in 2010 from Ford Motor Co., which had acquired the Swedish company in 1999.

Geely, which earlier this month had indicated to banks and investors that they were preparing a listing of Volvo Cars, would continue as the Swedish company’s main owner after the listing, the company said.

Volvo Cars has an ambitious plan to sell entire electric cars only by 2030. It plans to use the funds from the offer to expand its car manufacturing capacity to reach the goal of selling more than 1.2 million vehicles annually, and to build a battery factory in Europe.

Volvo Cars’ share would begin trading on the Nasdaq Stockholm Stock Exchange on October 28.

CEO Håkan Samuelsson said that the company was especially looking for small private investors in Sweden to take the opportunity to buy shares in Volvo Cars, which manufactures vehicles under the iconic Volvo brand.