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Chinese EV Maker Zeekr Prices IPO at $21, Raises $441M in U.S.

May 9, 2024, 08:10 PM

Zeekr Intelligent Technology, a subsidiary of Chinese automotive giant Geely, has successfully priced its U.S. IPO at the top of its indicated range, raising $441 million. Initially seeking a valuation of $5.13 billion, the company adjusted its expectations and closed the IPO one day early due to strong demand, ultimately fetching $441 million at a market value of $4.8 billion. Zeekr reported a net loss of $1.1 billion on revenues of $7.3 billion for 2023, highlighting the challenges and scale of its operations. The IPO pricing at $21 per share positions Zeekr as a significant new player on the NYSE and a potential rival to established EV manufacturers like Tesla.