Geely-Backed EV Maker Zeekr Targets $5.1 Billion Valuation in IPO
By Ben Glickman
Geely Automotive-backed electric-vehicle maker Zeekr Intelligent Technology Holding is targeting a valuation of up to $5.12 billion in its initial public offering, the company said Friday.
The company said in a regulatory filing that it was expecting to sell 17.5 million American depositary shares, representing 175 million common shares, for between $18 and $21 in its IPO.
The company started as an EV subsidiary of Chinese carmaker Geely and was spun out into an independent company in 2021.
Zeekr said in the filing that it sold $4.78 billion worth of vehicles in 2023 and had $7.28 billion in overall revenue. The company generated a loss of $1.16 billion in the same period.
The company plans to apply to list its depositary shares on the New York Stock Exchange under the ticker ZK.
After the offering, Geely will still control a majority of total voting power in Zeekr.
Zeekr expects to use the roughly $308.6 million in expected net proceeds from the IPO for developing more advanced EV technology, for selling and marketing and expanding its charging network and for general corporate purposes.
Divisions of Goldman Sachs, Morgan Stanley, Merrill Lynch and China International Capital are acting as representatives of the underwriters.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
May 03, 2024 18:34 ET (22:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing