Zeekr, the premium electric vehicle (EV) subsidiary of Geely Holding Group, has officially listed on the New York Stock Exchange (NYSE), joining a wave of Chinese EV makers going public in the US.
Trading under the ticker symbol ZK, Zeekr’s IPO was originally planned to issue 17.5 million ADSs (American depositary shares) with a price range of $18 to $21 per ADS, aiming to raise up to $367.5 million.
However, Zeekr priced its IPO at the upper end of the range at $21 per ADS, with each ADS representing 10 ordinary shares. Due to oversubscription, the company expanded its IPO to offer a total of 21 million ADSs, raising $441 million.
We're proud to welcome Zeekr, the global luxury electric mobility technology brand. Join us in celebrating this one-stop-shop for EV! $ZK @Zeekr_Europe @ZEEKRGlobal pic.twitter.com/mQabDFitjv
— NYSE š (@NYSE) May 10, 2024
With the potential exercise of the underwriters’ over-allotment option, Zeekr’s offering could further expand to 24.15 million ADSs, raising about $507 million.
The IPO pricing values Zeekr at $5.13 billion, positioning it below Nio which currently has a market capitalization of $10.7 billion. Xpeng and Li Auto hold market capitalizations of $7.5 billion and $28.4 billion, respectively.
Join #Zeekr right here in the heart of #NYC. pic.twitter.com/lvYkKSt00S
— Zeekr (@ZeekrGlobal) May 10, 2024
