A Zeekr 001 electrical automobile (EV) by Geely is seen displayed on the Zeekr sales space throughout a media day for the Auto Shanghai present in Shanghai, China April 19, 2021.
Aly Music | Reuters
Chinese language electrical automobile maker Zeekr priced its preliminary public providing at $21 a share Thursday, on the high finish of its vary, in keeping with information experiences.
The corporate will promote 21 million American depository shares to boost $441 million when it begins buying and selling on the New York Inventory Trade on Friday below the ticker ZK, Reuters and Bloomberg Information reported, citing sources acquainted. The providing sits on the high of Zeekr’s anticipated vary of $18 to $21 a share, revealed in an F-1 submitting with the Securities and Trade Fee earlier this month.
Zeekr, which is backed by Chinese language-based automotive group Geely, provides a number of luxurious automobile fashions, together with an upscale sedan it started delivering in January. Geely can have greater than 50% of the corporate’s voting energy after the IPO is full.
“By means of creating and providing next-generation premium BEVs and technology-driven options, we aspire to steer the electrification, intelligentization and innovation of the auto trade,” the corporate mentioned in its SEC submitting.
Zeekr may pose huge competitors for Tesla, which it reportedly outpaced in automotive gross sales within the province of Zhejiang, China, through the first three weeks of April. The province is the place its dad or mum firm relies.
“Our gross sales hole with Tesla retains on narrowing,” Zeekr CEO Andy An informed CNBC in an interview final month translated from Mandarin. He mentioned the corporate plans to increase in Europe and Latin America this yr, and it already sells autos in Sweden and the Netherlands.
In line with the regulatory submitting, Zeekr posted $7.28 billion in income for 2023 and a lack of $1.16 billion. The corporate additionally mentioned it delivered 16,089 items in April.
Zeekr has mentioned it plans to make use of the proceeds from the providing to develop extra superior battery electrical automobile applied sciences. Funds may also be used for promoting and advertising functions, equivalent to rising its charging, together with common company wants.
Underwriters of the deal embody Goldman Sachs, Morgan Stanley, Merrill Lynch and China Worldwide Capital.
