Geely's EV Brand Zeekr Pursues $1B In US IPO: Report

Chinese automotive company Geely Automobile Holdings Ltd's GELYY GELYF premium electric car division, Zeekr, has filed for a U.S. initial public offering (IPO).
The electric car brand, Reuters reported, expects to raise over $1 billion through its market debut.
Zeekr filed for the IPO with U.S. regulators last week and aims to go public in the second quarter of 2023.
Geely launched the EV brand in April 2021 to cater to China's demand for premium EVs.
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The report added that the IPO would be first big Chinese float in the U.S. in more than a year and a half after Beijing’s tough stand on the overseas shares sales of Chinese companies.
Zeekr is looking for a valuation of more than $10 billion through the IPO.
The move is significant in the sense that major Chinese EV makers are expanding their presence in Europe in a bid to capture a growing demand for electric vehicles in the region.
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