Chinese EV maker Zeekr prices IPO at $21, at the top end of range, reports say – The Daily Guardia
Chinese electric vehicle maker Zeekr has set the price for its initial public offering at $21 a share, aiming to raise $441 million by selling 21 million American depository shares on the New York Stock Exchange. The company, which is backed by Chinese automotive group Geely and specializes in luxury vehicle models, has been making waves in the industry.
According to reports, Zeekr has even outpaced Tesla in car sales in the province of Zhejiang, China. The company has ambitious plans to expand its reach in Europe and Latin America, with a strong focus on developing advanced electric vehicle technologies.
Despite posting impressive revenue of $7.28 billion for 2023, Zeekr also reported a loss of $1.16 billion. However, with the proceeds from the IPO, the company aims to further invest in research and development of cutting-edge electric vehicle technologies while boosting its marketing efforts to reach a wider audience.
The underwriters of the offering include prestigious firms such as Goldman Sachs, Morgan Stanley, Merrill Lynch, and China International Capital. With the backing of such heavyweights in the financial industry, Zeekr’s IPO is poised to make a significant impact on the electric vehicle market and potentially disrupt the dominance of other major players in the industry.
Investors and industry experts will be closely watching the developments at Zeekr as it continues its journey towards revolutionizing the electric vehicle market on a global scale.
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