Chinese-owned car maker Volvo has delayed its market flotation amid continuing market pressures and investor nerves. The Swedish company, famous for inventing seatbelts and car safety improvements, is looking to raise $2.3 billion from its initial public offering (IPO), but that's at the bottom of its previously published price range - and wipes approximately a fifth of the target price off the IPO. 

Volvo will now float on the Nasdaq Stockholm on Friday, a day later than planned. Its Chinese owner, Geely, has already been forced to amend its original plan to retain 97 percent of voting shares after Swedish investors balked at the control it aimed to maintain despite capital control diminishing.

However, as the proposal is yet to be signed off by Swedish financial regulators, it is unclear exactly what position or level of control Geely will maintain. 

"In interactions with potential investors in Volvo Cars' initial public offering, it has become clear that investors regard the voting power of the shares to be an important matter. Geely Sweden agrees that having only one share class will emphasize the strong and independent governance of Volvo Cars and has consequently initiated the conversion," the Chinese group said. 

Along with general investor apprehension across European equities as the region enters an uncertain period of the pandemic, with some nations loosening restrictions while others tighten them, there are continuing supply chain and chip delays which hampered the market attitude.

It is the largest IPO to be delayed or downsized, but the Volvo-Geely move is part of a pattern. Dutch electronics retailer Coolblue and healthcare property firm Icade Sante both pulled their IPOs recently. 

Delays at ports are adding to existing semiconductor chip shortages, and debt issues with China's Evergrande housing conglomerate mean investors are increasingly wary.