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Zeekr Soars 34% on NYSE Debut, Nets $441M in Record Chinese IPO

May 10, 2024, 11:15 AM

Zeekr Intelligent Technology, a high-end electric vehicle brand under Zhejiang Geely, successfully priced its U.S. initial public offering (IPO) at $21 per share, reaching the top of its marketed range. The IPO raised approximately $441 million, marking it as the largest U.S. listing by a China-based company since 2021. The shares began trading on the New York Stock Exchange (NYSE) and saw a significant surge, with prices rising as much as 40% and peaking at a 34% increase on their debut. Despite achieving a lower valuation of around $5.5 billion compared to $13 billion in a previous funding round, the IPO was closely watched and considered a major event in the electric vehicle industry.