According to news reports, Chinese electric vehicle maker Zeekr priced its initial public offering at $21 per share on Thursday 16 2024, hitting the upper limit of its anticipated price range.
To get today’s great Deal click here!
Reports indicate that the Chinese electric vehicle (EV) manufacturer Zeekr has set the price of its initial public offering (IPO) at $21 per share, marking the top end of the anticipated price range. This move suggests confidence in the company’s prospects and reflects investor interest in the rapidly growing EV market.
Sources familiar with the matter reported that the company plans to sell 21 million American depository shares, aiming to raise $441 million when it commences trading on the New York Stock Exchange under the ticker ZK on Friday. This offering aligns with Zeekr’s previously disclosed range of $18 to $21 per share, as outlined in an F-1 filing with the Securities and Exchange Commission earlier this month.
Zeekr, supported by the Chinese automotive giant Geely, boasts a lineup of luxury vehicle models, including a high-end sedan that it started delivering in January. Following the IPO, Geely will hold over 50% of the company’s voting power.
To get today’s great Deal click here!
In its filing with the Securities and Exchange Commission, the company stated, “Through the development and provision of next-generation premium Battery Electric Vehicles (BEVs) and technology-driven solutions, we aim to spearhead the electrification, intelligence, and innovation of the automotive industry.”
Zeekr’s rapid growth in car sales, reportedly outpacing Tesla in the province of Zhejiang, China, during the initial three weeks of April, suggests it could emerge as a significant competitor for the electric vehicle giant. This province happens to be the base of its parent company.
CEO Andy An, in an interview with CNBC last month, highlighted the narrowing sales gap with Tesla, expressing Zeekr’s ambitious expansion plans. The company aims to broaden its presence in Europe and Latin America this year, building on its existing sales in countries like Sweden and the Netherlands.
To get today’s great Deal click here!
According to regulatory filings, Zeekr reported impressive revenue of $7.28 billion in 2023, despite facing a loss of $1.16 billion. In April alone, the company delivered a notable 16,089 units.
Zeekr intends to utilize the proceeds from its offering to advance its battery electric vehicle technologies, aiming for innovation and growth. Additionally, funds will be allocated towards sales and marketing efforts, including expanding its charging infrastructure, along with meeting general corporate needs.
The deal’s underwriters include prestigious firms such as Goldman Sachs, Morgan Stanley, Merrill Lynch, and China International Capital.
English