Geely's Zeekr Revives $500M IPO Plans Amid Market Challenges: Report

Zeekr, the premium electric vehicle (EV) brand of Chinese automaker Geely Automobile Holdings GELYY, has reportedly reinitiated its plan to raise up to $500 million in an initial public offering (IPO) in New York.

Zeekr halted its listing intentions in November due to valuation discrepancies and market volatility, reported Reuters.

The company has resumed engagement with potential investors through a non-deal roadshow preceding the IPO, the report noted.

“The company has made a public filing to the SEC and is proceeding with the preparatory work,” the report quoted Zeekr. The company submitted its prospectus to U.S. regulators in November.

During the first quarter of 2024, six Chinese companies collectively raised $46.9 million through IPOs in the U.S, contrasting sharply with $428 million raised during the same period last year, the report cited data from Dealogic. This marked the quietest first quarter since 2017.

Zeekr reportedly aims to achieve a 2024 delivery target of 230,000 cars, doubling its 2023 figures.

Established in 2021 by Geely, formerly Zhejiang Geely Holding Group, Zeekr seeks to capitalize on the increasing demand for premium EVs in China.

As per the report, the company secured $750 million in funding in February last year, with investors including Amnon Shashua, CEO of autonomous driving technology firm Mobileye Global, and Chinese battery giant CATL, valuing the brand at $13 billion.

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