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Volkswagen AG raised 1.55 billion euros ($1.8 billion) selling a stake in its truck business, but only after pricing the offer at the low end of a target range to attract investors to one of Europe’s biggest initial public offerings this year.

Volkswagen AG valued its heavy-trucks business at as much as $18.6 billion in a planned initial public offering that will test CEO Herbert Diess’ ambition of overhauling the carmaking behemoth.

Volkswagen AG set plans to list its heavy-truck division Traton SE in Frankfurt, Germany, and Stockholm, moving forward with one of the year’s largest European public offerings despite a wobbly stock market and a swirling trade war between China and the United States.

Volkswagen AG shares climbed the most in two weeks after the German automaker revived plans for a partial offering of its Traton SE heavy-truck division and said it may dispose of two noncore businesses.

Uber Technologies Inc. took a conservative approach to its initial public offering May 9, picking a share price toward the bottom of the marketed range and at a valuation below its last private funding round.

Lyft Inc. received an encouraging sign from Wall Street March 20, winning its first buy rating more than a week before shares start trading.

Lyft Inc. is seeking to raise as much as $2.1 billion in its initial public offering, valuing the firm at almost $20 billion.

Volkswagen AG canceled plans for a partial share sale in its Traton SE division, citing weak markets, a setback to the automaker’s plan to generate fresh funds for the heavy-truck unit’s expansion outside of Europe.

Heinz Hermann Thiele is about $6 billion richer after last week’s initial public offering of his largest asset, Knorr-Bremse AG, the world’s biggest maker of truck and train braking systems. The IPO makes him Germany's fourth-richest person, with a net worth of $15.3 billion, according to the Bloomberg Billionaires Index.