Zeekr Clever Expertise Holding Ltd., the high-end electrical automotive model below Zhejiang Geely Holding Group Co., is searching for to boost as a lot as $367.5 million in a US preliminary public providing.
The EV maker mentioned in a submitting Friday that it plans to market 17.5 million American depositary shares for $18 to $21 apiece in what would be the largest US providing by a China-based agency since 2021. Every ADS will characterize 10 of the corporate’s atypical shares.
Zeekr would have a market worth of about $5.1 billion on the high of that vary primarily based on its filings with the US Securities and Change Fee.
Geely Auto, Mobileye International Inc. and Modern Amperex Expertise Co. Ltd. are eager about subscribing for as a lot as $349 million price of shares within the providing, Zeekr mentioned in its filings.
Zeekr’s plans add to a stream of IPOs which have put listings on tempo for the most effective 12 months since 2021, when choices set an all-time file. The $15.7 billion raised in 72 IPOs on US exchanges since Jan. 1 is now virtually double the full at this level final 12 months, with half of 2023’s quantity coming from the blockbuster providing by Johnson & Johnson spinoff Kenvue Inc., in keeping with knowledge compiled by Bloomberg.
Small, Uncommon
US listings by Chinese language firms have been small and uncommon within the years since a crackdown following the $4.4 billion providing by ride-hailing big Didi International Inc., which delisted from the New York Inventory Change lower than a 12 months after its 2021 IPO. Zeekr’s IPO can be the most important by a China-based agency within the US since LianBio’s $374 million itemizing, together with over-allotment shares, later that 12 months, the info present.
Though Chinese language regulators have since eased curbs on abroad listings as long as the businesses are compliant with the foundations, no issuer primarily based within the nation raised greater than $200 million final 12 months within the US, in keeping with knowledge compiled by Bloomberg.
In February, Geely took automaker Lotus Expertise Inc. public through a merger with a particular goal acquisition firm. That adopted Geely’s Polestar Automotive Holding going public in a SPAC deal in 2022, after Geely listed its Volvo Automobile AB in Stockholm the earlier 12 months.
Zeekr founder and Chairman Shufu Li, in keeping with the US submitting Friday, will management virtually 75% of the shareholder voting energy within the firm after the IPO.
Income Achieve
Final 12 months, Zeekr had a web lack of $1.17 billion on about $7.3 billion in income, with the latter rising greater than 60% from 2022, in keeping with its filings.
The Zeekr lineup consists of the 001, a five-seat crossover and the X, a compact sport utility car. The model has additionally launched the 007, a premium sedan.
The providing is being led by Goldman Sachs Group Inc., Morgan Stanley, Financial institution of America Corp. and China Worldwide Capital Corp. The corporate plans for its shares to commerce on the New York Inventory Change below the image ZK.
