Volvo Cars Surges in Trading Debut After $2.3 Billion IPO (2)

Volvo Car AB gained in its trading debut in Stockholm after raising 20 billion kronor ($2.3 billion) in an initial public offering, as investors bought into the company’s successful turnaround and promise of an electric future.

The shares jumped as much as 22% in Stockholm and traded at 63 kronor as of 12:45 p.m., above the listing price of 53 kronor. The IPO valued the carmaker owned by China’s Zhejiang Geely Holding Group Co. at 158 billion kronor, according to a statement.

The successful debut follows Volvo Cars’ move to cut the size of its offering by a ...