Zeekr Plans to Close IPO Book Early Ahead of U.S. Listing
By Jiahui Huang
Electric vehicle manufacturer Zeekr Intelligent Technology Holdings plans to stop taking orders for its over $300.0 million U.S. offering earlier than expected, people familiar with the process said.
The company, which is backed by Geely Automotive, will close its books a day earlier on May. 8, one of the people said, adding that shares will likely begin trading on the New York Stock Exchange from May 10.
The early book closure reflects a rare instance of high demand for shares of a Chinese company amid still-tense U.S.-China relations. Several Chinese companies have been delisted from U.S. stock exchanges, and Beijing has tightened rules for overseas listings.
Zeekr, which is targeting a valuation of $5.12 billion, is selling 17.5 million American Depositary Shares, representing 175 million common shares, for between $18.0 and $21.0 in its initial public offering. At the top end of the range, the company would raise about $367.50 million.
According to a regulatory filing to the Securities and Exchange Commission, Zeekr had $7.28 billion in overall revenue in 2023, about 62% higher from the year before, helped by the sale of vehicles, batteries and other components. The company posted a 2023 loss of $1.16 billion.
The company plans to use the IPO proceeds to develop more advanced EV technology and to meet general corporate needs.
Goldman Sachs, Morgan Stanley, and BofA Securities Merrill are among banks advising the company on the offering.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
May 07, 2024 02:19 ET (06:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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