That’s what the Monetary Occasions has realized from insiders. Nonetheless, based on the informants, the plans are preliminary and will nonetheless change, particularly as market circumstances stay risky.
As lately as February, there have been different insider experiences that Northvolt deliberate to go public inside twelve months. Even then, a attainable valuation of 20 billion {dollars} was talked about. Nonetheless, it’s unclear whether or not the IPO will happen within the first two months of subsequent yr or later in 2024.
Because the Monetary Occasions writes, the Swedish battery producer is claimed to have invited a number of funding banks to formally apply for a stake within the IPO. In response to the report, Rothschild & Co is advising on the IPO. Neither Northvolt nor Rothschild needed to touch upon this when requested by the FT.
In response to the informants, it’s certainly preparatory work in the meanwhile. “They wish to be able to go, at any time when the market circumstances are proper. They need every part in place,” one particular person is quoted saying by the newspaper.
Northvolt is backed by main traders akin to Goldman Sachs Asset Administration, Volkswagen BMW, Siemens and Blackstone. This yr, the Swedes already raised convertible bonds price 1.2 billion euros. To assist the development of the Northvolt Three battery manufacturing facility in Schleswig-Holstein, Germany, the German authorities lately launched a €600 million government-backed bond.
In September, Northvolt started building of the battery manufacturing facility of the Novo three way partnership (along with Volvo Automobiles) in Gothenburg. And the choice was made on the placement of the Swedes’ first North American manufacturing facility: It is going to be constructed close to Montreal within the Canadian province of Quebec.
ft.com