Shares of Volvo Cars soared on their Nasdaq Stockholm stock market debut on Friday after the firm completed one of Europe’s biggest IPOs of the year.

Volvo Cars shares rose as much as 22% and traded at 63 kronor — well above the listing price of 53 kronor, which corresponds to a market capitalisation of 158 billion kronor (€15.9 billion.)

The new issue of 377,358,490 common shares of class B will raise gross proceeds of 20 billion kronor (€2 billion) to help Volvo Cars in its strategy to become fully electric.

Volvo Cars has been owned by China’s Zhejiang Geely Holding since 2010.

The debut follows Volvo Cars’ decision to cut the size of its offering by about 20% and price it at the bottom of an initial range after some investors showed some concern over how much control Geely would retain over the listed business.

Geely agreed last week to give up enhanced voting rights.

Enthusiasm for the IPO may also have been dampened by the ongoing problems in the global supply chain and worries that Volvo Cars could be caught up in trade wars involving China.

“Our industry is changing, and we strive to lead that transformation,” said Volvo Cars CEO Håkan Samuelsson.

“That is why Volvo Cars has an ambitious strategy to become fully electric by 2030 and is also undergoing a transition towards a more direct to customer sales model.

“Today’s listing will help us get there and I would like to extend a warm welcome to all our new shareholders.

“We will work hard to execute our plan and create further value for you all.”