Geely’s Zeekr raises 441 million USD on New York IPO

Zeekr Intelligent Technology Holdings successfully listed on the New York Stock Exchange in the US, raising 441 million on IPO. It is a company under Geely Group, a privately owned Chinese automaker that owns Volvo. This financial boost will help Zeekr to enter overseas markets and broaden its model line.

Zeekr is a high-end electric brand under Geely Group that was launched in 2021. In a few years, it turned into one of the bestselling domestic EV brands. In 2023, Zeekr delivered 118,685 cars. It has also entered European, Central Asian, and South East Asian markets. Currently, the Zeekr mode line comprises four vehicles: the Zeekr X crossover, Zeekr 001 liftback, Zeekr 007 sedan, and Zeekr 009 minivan. Soon, it will also launch the Mix MPV and CX1E SUV.

On May 10, Zeekr finished its IPO, an initial public offering. So, it has officially become a public company. Zeekr issued 21 million American depositary shares for 21 USD per share on the New York Stock Exchange. As a result, it raised 441 million USD, 73.5 million USD more than previous predictions from financial experts. This increase was caused by oversubscription. 

Moreover, Zeekr will be able to expand to 24.15 million American depositary shares in the future. It will allow Zeekr to raise 507 million USD. Zeekr CEO An Conghui mentioned that Zeekr has set a record for the fastest time from launch to IPO among new energy vehicle brands. It took Zeekr only 37 months to list on NYSE. According An Conghui, Zeekr’s secret is combination of Geely Group’s car manufacturing experience and global resources. 

Zeekr officials shared that the increase of the equity capital from public investors will allow this brand to achieve global compliance, transparent and sustainable development, and provide Investors stable long-term value by developing low-carbon manufacturing and corporate ESG. After the IPO, Geely Group founder Li Shufu owns 74.6% of Zeekr shares, and Zeekr CEO An Conghui holds 2.8% of the stock. 

Zeekr