August 24, 2023: Zeekr, a premium Geely electric car brand, is seeking more than a billion dollars in a U.S. IPO.
It is hoping the share sale will yield a valuation of over $13 billion, as achieved during a private $750 million budget game in February, two people said.
The people declared that Hangzhou-based Zeekr will meet investors in Hong Kong, London, New York, Boston, California, and the Middle East over two weeks. They stated that the last deal size would depend on financial market conditions later this year.
The people failed to be determined as the information had not been public. Geely, which handles media queries for Zeekr, denied to comment.
Geely, in December, said Zeekr had secretly filed for a U.S. IPO without detailing the size or listing date.
If victorious, a $1 billion IPO would leave a Chinese firm’s most extensive U.S. listing for over two years since ride-hailing giant Didi raised $4.4 billion in mid-2021.
Valuations of current Chinese stake sales in the U.S. have since stalled as Chinese authorities increase oversight of domestic firms wanting to list overseas.
Geely, formally Zhejiang Geely Holding Group, established Zeekr in April 2021 to tap into increasing Chinese demand for high-end EVs.
Zeekr markets three models from 189,800 yuan ($26,042) to 499,000 yuan. It announced its first luxury sports car earlier this month.
The automaker delivered 72,000 cars last year and aims to provide 140,000 this year. It has announced plans to sell vehicles in the Netherlands, Sweden, Israel, and Kazakhstan.
CEO Andy told the media on August 22 that Zeekr’s vehicle segment recorded a double-digit disgusting profit margin in the first half of 2023, over double its complete 2022 figure.