ZEEKR Intelligent Technology Holding, a premium electric vehicle brand spun out of Chinese automaker Geely, announced terms for its IPO on Friday.
The Ningbo, China-based company plans to raise $341 million by offering 17.5 million ADSs at a price range of $18 to $21. New and existing shareholders have indicated on $349 million worth of ADSs in the offering (102% of the deal). At the midpoint of the proposed range, ZEEKR Intelligent Technology Holding would command a market value of $4.8 billion.
ZEEKR is a battery electric passenger vehicle (BEV) technology company, developing and offering next-generation premium BEVs and technology-driven solutions. Originally commencing business within multinational automaker Geely Auto (HKEx: 175), ZEEKR was restructured as a separate company in 2021 and has expanded rapidly since then. Its current product portfolio primarily includes ZEEKR 001, a cross-over hatchback released in April 2021; ZEEKR 009, a luxury MPV released in November 2022; ZEEKR X, a compact SUV released in April 2023; and ZEEKR 001 FR, its latest cross-over hatchback model, released in October 2023. As of December 31, 2023, the company had cumulatively delivered nearly 197,000 ZEEKR vehicles.
ZEEKR Intelligent Technology Holding was founded in 2021 and booked $7.1 billion in sales for the 12 months ended December 31, 2023. It plans to list on the NYSE under the symbol ZK. Goldman Sachs, Morgan Stanley, BofA Securities, and CICC are the joint bookrunners on the deal. It is expected to price during the week of May 6, 2024.
