Zeekrthe Chinese automaker’s premium electric vehicle (EV) brand Geely’s automotive holdings GELYYwould restart its plan to raise up to $500 million in an initial public offering (IPO) in New York.
Zeekr halted its listing intentions in November due to valuation discrepancies and market volatility, Reuters reported.
The company resumed dialogue with potential investors through a no-deal roadshow prior to the IPO, the report noted.
“The company has filed a public filing with the SEC and is proceeding with preparatory work,” Zeekr is quoted in the report. The company submitted its prospectus to US regulators in November.
During the first quarter of 2024, six Chinese companies collectively raised $46.9 million through IPOs in the United States, a stark contrast to the $428 million raised in the same period last year, according to data from Dealogic. This marked the quietest first quarter since 2017.
Zeekr reportedly aims to reach a delivery target of 230,000 cars by 2024, doubling its 2023 figures.
Founded in 2021 by Geely, previously Zhejiang Geely Holding GroupZeekr seeks to capitalize on the growing demand for premium electric vehicles in China.
According to the report, the company secured $750 million in funding in February last year, with investors including Amnon Shashua, CEO of autonomous driving technology firm Mobileye Global, and Chinese battery giant CATL, who have valued the brand at $13 billion.
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