Volkswagen has scaled back its IPO ambitions for its truck division Traton Group, which includes the brands MAN and Scania, and is now offering 15% of the company’s shares.

Originally,  Volkswagen had intended to offer 25% of Traton to investors.

The manufacturer has now published a prospectus and launched its offer period, which begins today (17 June). The IPO is part of wider plans by Volkswagen to raise funds to invest in its core car manufacturing business.

The share price ranges from €27 (£24) to €33 each, making the initial public offering worth up to €1.9bn.

Announcing the launch of the offer period, which runs until 27 June, Traton chief executive, Andreas Renschler, said: “The whole team at Traton has worked hard and diligently to reach this point. Now roadshow and book building will begin.

“We will now meet investors across the globe to convey our Traton story and the future potential of the Group. We are confident that we will then be able to ring the Stock Exchange bell before the end of June if the market stays reasonable.”

When Volkswagen announced plans for an IPO of Traton Group in June last year it planned to float up to 25%. However just six months later it postponed the IPO, citing "tough global market conditions".

The company said it would wait until market conditions improved. However by May the manufacturer deemed this to be so and revived the IPO.

In its first quarter results Traton Group revealed that operating profit had risen year-on-year by 21.9% to €470m (£405m).

Sales revenue was up 6% to €6.4bn year-on-year with the group selling 57,160 vehicles globally, up 7.4% on the year before.