Volkswagen is expected to reap 1.55 billion euros ($1.76 billion) from an initial public offering (IPO) of its truck unit Traton, likely pricing it at the low end of a marketing range, one of the deal’s bookrunners said on Thursday.

The final price guidance given to investors was for 27 euros ($30.69) a share, the person said. That would give Traton an initial market capitalisation of 13.5 billion euros.

Pricing usually occurs at the level of the final guidance. The debut in Frankfurt and Stockholm is slated to take place on Friday.

Volkswagen said earlier this month that it aimed to raise 1.55-1.9 billion euros by selling 10%-11.5% of Traton for 27-33 euros a share, having scaled back earlier ambitions to list a stake of up to 25% of the shares to raise 5-6 billion euros.

Although markets are still receptive to IPOs given low volatility, sentiment for new listings is shaky. Global Fashion Group on Wednesday drastically cut the offering price of its IPO in a last ditch bid to woo investors.

Volkswagen plans to invest the proceeds in transforming its auto production as it readies the launch of dozens of electric vehicles over the coming years and deepens an alliance with Ford Motor Co.

In March, VW had postponed the Traton listing citing jittery markets.

If Traton does not exercise an over-allotment option proceeds will stand at 1.35 billion euros.

Volkswagen is expected to reap 1.55 billion euros ($1.76 billion) from an initial public offering (IPO) of its truck unit Traton, likely pricing it at the low end of a marketing range, one of the deal’s bookrunners said on Thursday.

The final price guidance given to investors was for 27 euros ($30.69) a share, the person said. That would give Traton an initial market capitalisation of 13.5 billion euros.

Pricing usually occurs at the level of the final guidance. The debut in Frankfurt and Stockholm is slated to take place on Friday.

Volkswagen said earlier this month that it aimed to raise 1.55-1.9 billion euros by selling 10%-11.5% of Traton for 27-33 euros a share, having scaled back earlier ambitions to list a stake of up to 25% of the shares to raise 5-6 billion euros.

Although markets are still receptive to IPOs given low volatility, sentiment for new listings is shaky. Global Fashion Group on Wednesday drastically cut the offering price of its IPO in a last ditch bid to woo investors.

Volkswagen plans to invest the proceeds in transforming its auto production as it readies the launch of dozens of electric vehicles over the coming years and deepens an alliance with Ford Motor Co.

In March, VW had postponed the Traton listing citing jittery markets.

If Traton does not exercise an over-allotment option proceeds will stand at 1.35 billion euros.