Geely's Zeekr Raises $441 Million in Major US Listing
Trading under the “ZK” stock ticker on the New York Stock Exchange, Zeekr plans to utilize the raised funds to advance its product development and technology.
Zeekr, the electric vehicle arm of China’s Geely Auto, has started trading on the US stock market, raising a substantial $441 million.[1]
Read More: Long-Awaited Reddit IPO Targets $748 Million
The company, formally known as Zhejiang Zeekr Intelligent Technology Co., Ltd., sold 21 million American depositary shares (ADS) at $21 per share. This figure surpasses the initial target of $367.5 million. Each ADS represents 10 ordinary shares.
Despite the lower valuation of $5.5 billion, compared to the $13 billion valuation following a funding round in February 2023, Zeekr's IPO is the largest public listing in the US since Didi Global’s $4.4 billion IPO in 2021.
Earlier in the week, Zeekr disclosed that Geely, along with EV battery maker CATL and Israeli self-driving technology company Mobileye, expressed interest in subscribing for up to $349 million of the offered ADS.
Trading under the “ZK” stock ticker on the New York Stock Exchange, Zeekr plans to utilize the raised funds to advance its product development and technology, in addition to bolstering its marketing and charging infrastructure.