The sources requested anonymity to discuss details of the IPO preparations. Northvolt did not immediately respond to a request for comment. Northvolt's stock market debut would come in an IPO market that has gradually recovered from a major slump in 2022, which was driven by stock market volatility and fears of an economic slowdown. Several big companies, including SoftBank-backed chipmaker Arm Holdings and social media firm Reddit, are also preparing to go public in late 2023.
Northvolt has so far raised billions in debt to fund its factory investments, including a $1.1 billion raise last year in convertible notes. Building such facilities is a costly undertaking, highlighted last month by the collapse of Britishvolt, after the Northvolt peer failed to to raise funds for an electric vehicle battery factory.
Northvolt has used the money from convertible bonds to
increase liquidity and ramp up production at its gigafactory in
Skelleftea, Sweden.
Northvolt has raised about $8 billion in debt and equity to
date from a wide range of investors, including Baillie Gifford
and Folksam Group.
(Reporting by Anirban Sen in New York and Supantha Mukherjee in
Stockholm; Editing by Lincoln Feast)
