Written by Cláudio Afonso | [email protected] | LinkedIn | X
Zeekr, the premium brand of Chinese automaker Group Geely, has priced its initial public offering (IPO) in the United States at the top of its indicated range on Thursday, raising $441 million.
According to the report from Reuters, the electric vehicle manufacturer will sell 21 million American Depositary Shares at $21 per share, resulting in a market cap of $5.1 billion. Zeekr was seeking to raise between $315 million and $423 million with share price at $18 – $21.
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Last year, Zeekr reported $7.28 billion in total revenue — an increase of 62 percent year over year — while yearly losses accounted for $1.16 billion. The brand delivered 118,685 vehicles in 2023, up 64.98 percent from the previous year.
Goldman Sachs, Morgan Stanley, and BofA Securities Merrill are among banks advising the company on the offering as the company backed by Geely plans to use the IPO proceeds to develop more advanced EV technology and to meet general corporate needs.
Year to date, Zeekr delivered 49,148 vehicles, more than doubling last year’s figures.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
