Dhe electric car manufacturer Polestar, which is supported by Volvo, wants to go public. The Swedish company, whose investors include Hollywood star Leonardo DiCaprio, is to be valued at around 20 billion dollars in the transaction, as Polestar announced on Monday.
The IPO is to take place via a so-called SPAC – Special Purpose Acquisition Company. Polestar is merging with the investment company Gores Guggenheim owned by US billionaire Alex Gores and will in future be listed on the New York Stock Exchange under the name Polestar Automotive Holding.
Polestar could raise over $ 1 billion as part of the deal if all Gores Guggenheim investors participate and not avail themselves of the option to redeem their shares. $ 250 million of the total will come from institutional investors.
The premium electric car manufacturer delivered around 10,000 vehicles last year. The number of cars sold is expected to rise to 290,000 by 2025, with more new models to be added in the coming years. In April, the Swedes received $ 550 million from investors.
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