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Zeekar Intelligent Technology Holding Ltd., the high-end electric car brand under Zhejiang Geely Holding Group Co., is seeking to raise up to $367.5 million in a U.S. initial public offering.
The EV maker said in a filing on Friday that it plans to sell 17.5 million American depositary shares at $18 to $21 a share, which would be the largest US offering by the China-based firm since 2021. Each ADS will represent 10 ordinary shares of the Company. ,
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Based on filings with the U.S. Securities and Exchange Commission, Zykr would have a market cap at the top of that range of about $5.1 billion.
Geely Auto, Mobileye Global Inc. and Contemporary Amperex Technology Co. Ltd. are interested in subscribing to shares worth $349 million in the offering, Zeekar said in its filing.
Zeekar’s plans add to a stream of IPOs that have propelled listings to their best year since 2021, when offerings set an all-time record. The $15.7 billion raised in 72 IPOs on U.S. exchanges since Jan. 1 is now nearly double the total at this point last year, with half the 2023 volume coming from the blockbuster offering of Johnson & Johnson spinoff Kenview Inc., according to data compiled by It shows. Bloomberg.
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small, rare
U.S. listings by Chinese companies have been small and rare in the past few years following a crackdown on ride-hailing giant Didi Global Inc.’s $4.4 billion offering that delisted from the New York Stock Exchange less than a year before a 2021 IPO. Was removed. Zeeker’s IPO would be the largest by a China-based firm in the US since Lianbio’s $374 million listing late that year, data shows, including over-allotment shares.
Although Chinese regulators have eased restrictions on overseas listings as long as companies comply with rules, no issuer based in the country raised more than $200 million in the U.S. last year, according to data compiled by Bloomberg.
In February, Geely took automaker Lotus Technology Inc. public through a merger with a special purpose acquisition company. Geely’s Polestar Automotive holding went public in a SPAC deal in 2022, after Geely listed its Volvo Cars AB in Stockholm last year.
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revenue profit
Last year, Zeekar had a net loss of $1.17 billion on revenue of about $7.3 billion, a more than 60% increase from 2022, according to its filing.
The Zeeker lineup includes the 001, a five-seat crossover, and the X, a compact sport utility vehicle. The brand has also launched a premium sedan 007.
The offering is being led by Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp. and China International Capital Corp. The company plans to trade its shares on the New York Stock Exchange under the symbol ZK.
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