Chinese EV maker Zeekr prices US IPO at top of range, set to raise $441M – Reuters

Money Bizwiz Team
2 Min Read

ZEEKR INTELLIGENT TECHNOLOGY RAISES $441 MILLION IN US IPO

By Echo Wang

Exciting news in the electric vehicle industry as Chinese electric vehicle maker Zeekr Intelligent Technology has successfully priced its U.S. initial public offering (IPO) at $441 million, marking a significant milestone for the company. Zeekr, the premium brand of Chinese automaker Geely, exceeded expectations by pricing its IPO at the top end of its range, selling 21 million American Depositary Shares at $21 per share, valuing the company at $5.1 billion. This successful IPO comes after Zeekr closed orders from investors ahead of schedule due to overwhelming demand.

Zeekr’s decision to expand its IPO and enter the U.S. stock market is a strategic move to capitalize on the growing interest in electric vehicles and the increasing demand for sustainable transportation solutions. The strong demand for Zeekr’s IPO is a testament to the company’s potential for growth and success in the competitive electric vehicle market.

In recent years, Chinese automakers have been focusing on expanding their presence in international markets, with companies like BYD, SAIC, and Great Wall Motor setting their sights on Europe. Zeekr’s successful IPO and plans for expansion signal a new chapter in the company’s journey towards becoming a global leader in the electric vehicle industry.

Zeekr’s IPO is a significant milestone for Chinese companies seeking to raise capital in the U.S. stock market, following a decline in Chinese IPOs in recent years. The company’s decision to list its shares on the New York Stock Exchange under the ticker “ZK” demonstrates its commitment to transparency and investor confidence.

Goldman Sachs, Morgan Stanley, Bank of America, and CICC are the lead underwriters for Zeekr’s IPO, reflecting the strong interest from institutional investors in the company’s growth potential. With the successful completion of its IPO, Zeekr is poised for continued success and expansion in the global electric vehicle market.

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