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)

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