ZEEKR Intelligent Technology Holding Limited (ZK Proposed), a battery-operated passenger EV manufacturer in China, disclosed terms for its $341 million IPO and launched the deal after the closing bell on Friday, May 3, 2024. The terms call for ZEEKR to offer 17.5 million American Depositary Shares (ADS) at a price range of $18.00 to $21.00 each to raise $341.25 million, if priced at the $19.50 mid-point. Each ADS equals 10 ordinary shares, the prospectus says.
Geely Auto of China is spinning off ZEEKR in this IPO.
Goldman Sachs and Morgan Stanley are leading the team of joint book-runners, which includes BofA Securities and CICC.
ZEEKR Intelligent Technology Holding Limited (ZK Proposed), based in Zhejiang, China, manufactures a product portfolio of battery-operated passenger EVs that includes ZEEKR 001, its first vehicle model – a five-seater cross over hatchback vehicle ; ZEEKR 009, its second model, a luxury six-seater model for families and businesses, and ZEEKR X, a compact SUV model.
The company is not profitable. ZEEKR reported a net loss of $1.19 billion on revenue of $6.09 billion for the 12 months that ended June 30, 2023.
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