Zhejiang Geely Holding Group has reportedly commissioned three investment banks to lead an IPO for its Volvo Cars unit.

A report in the Financial Times said Geely has appointed Goldman Sachs, Morgan Stanley and Citigroup as co-ordinators to run the IPO. The report also said the IPO could fetch a value between US$15bn and US$30bn, and cited anonymous sources close to the plan.

The report suggested that one scenario being considered is a dual-listing in Sweden and Hong Kong. A private equity investor group could also be interested in the Swedish premium brand, which is seen as a solid performer with a good product and technology base at the executive end of the car market.

"We are looking at the possibilities," a Geely spokesperson told the FT. "We haven't made a final decision on how to proceed as of yet."

Under Geely, the company has expanded and has become a global player in the premium car market, helped by the Chinese parent, which has brought good access to shared technology for new product development as well as access to the Chinese car market.

See also: Volvo Cars raises $0.5bn in step towards IPO