LONDON, Oct 25 (Reuters Breakingviews) - Volvo Cars’ (VOLCARb.ST) Chinese owner Zhejiang Geely is making some heavy concessions to appease investors in its initial public offering. The Swedish marque on Monday slashed the amount it wants to raise in a jumbo-sized equity offering by a fifth to 20 billion Swedish crowns ($2.3 billion). It also priced the IPO at 53 crowns a share – right at the bottom end of its initial range. That values the company’s equity at around 163 billion crowns, or almost $19 billion, compared with over $23 billion at the top of the range. Geely has also said it would convert its super-voting shares to normal ones. It’s easy to see why investors needed some convincing . Volvo is still at its early stages of its transition to electric vehicles from combustion engines, and governance is a concern since Geely will still be the largest shareholder. The good news is that, after Monday’s announcement, Volvo’s valuation implies a multiple of just 4.5 times 2022 estimated earnings, including its stake in the luxury battery marque Polestar. Rivals Daimler (DAIGn.DE) and BMW (BMWG.DE) are trading at nearly 7 times, according to Refinitiv data. At least Volvo’s IPO has one thing going for it. (By Karen Kwok) LONDON, Oct 25 (Reuters Breakingviews) - Volvo Cars’ (VOLCARb.ST) Chinese owner Zhejiang Geely is making some heavy concessions to appease investors in its initial public offering. The Swedish marque on Monday slashed the amount it wants to raise in a jumbo-sized equity offering by a fifth to 20 billion Swedish crowns ($2.3 billion). It also priced the IPO at 53 crowns a share – right at the bottom end of its initial range. That values the company’s equity at around 163 billion crowns, or almost $19 billion, compared with over $23 billion at the top of the range. Geely has also said it would convert its super-voting shares to normal ones. It’s easy to see why investors needed some convincing . Volvo is still at its early stages of its transition to electric vehicles from combustion engines, and governance is a concern since Geely will still be the largest shareholder. The good news is that, after Monday’s announcement, Volvo’s valuation implies a multiple of just 4.5 times 2022 estimated earnings, including its stake in the luxury battery marque Polestar. Rivals Daimler (DAIGn.DE) and BMW (BMWG.DE) are trading at nearly 7 times, according to Refinitiv data. At least Volvo’s IPO has one thing going for it. (By Karen Kwok) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Zooplus endgame may not be total dog’s breakfast read more Climate-driven train M&A goes off the rails read more Liquor groups toast their cost-inflation airbag read more Kiwis give smart lesson on climate transparency read more Powell could one-up new Fed ethics rules read more