China EV Maker Zeekr to Start Investor Tour Ahead of $1 Billion US IPO -Sources

By Julie Zhu and Scott Murdoch

HONG KONG (Reuters) – Zeekr, Chinese language automaker Geely’s premium electrical automobile (EV) model, will meet world traders from August-end to check urge for food for a $1 billion U.S preliminary public providing (IPO), stated folks with direct information of the matter.

It’s hoping the share sale will yield a valuation of over $13 billion, as achieved throughout a personal $750 million funding spherical in February, two folks stated.

Hangzhou-based Zeekr will meet traders over two weeks in Hong Kong, Singapore, London, New York, Boston, California and the Center East, the folks stated. They stated the ultimate deal dimension would rely on monetary market circumstances later this yr.

The folks declined to be recognized as the data has not but been made public. Geely, which handles media queries for Zeekr, declined to remark.

Geely in December stated Zeekr had confidentially filed for a U.S. IPO, with out detailing dimension or itemizing date.

If profitable, a $1 billion IPO can be the biggest U.S. itemizing by a Chinese language agency for over two years since ride-hailing large Didi raised $4.4 billion in mid 2021.

Valuations of latest Chinese language share gross sales within the U.S. have since stalled as Chinese language authorities enhance oversight of home companies eager to record abroad.

Geely, formally Zhejiang Geely Holding Group, established Zeekr in April 2021 to faucet into rising Chinese language demand for high-end EVs.

Zeekr markets three fashions with beginning costs from 189,800 yuan ($26,042) to 499,000 yuan. It introduced its first luxurious sports activities automobile earlier this month.

The automaker delivered 72,000 automobiles final yr and goals to ship 140,000 this yr. It has introduced plans to promote automobiles within the Netherlands, Sweden, Israel and Kazakhstan.

CEO Andy An instructed media on Aug. 22 that Zeekr’s automobile section recorded a double-digit gross revenue margin within the first half of 2023, greater than double its complete 2022 determine.

($1 = 7.2883 Chinese language yuan renminbi)

(Reporting by Julie Zhu in Hong Kong and Scott Murdoch in Sydney; Enhancing by Christopher Cushing)

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