Zeekr Intelligent Technology Holding Ltd. (NYSE: ZK) successfully listed on the New York Stock Exchange on May 10, 2024, becoming the fastest new energy vehicle (NEV) company to go public. Zeekr’s IPO issued 21 million American Depositary Shares (ADS) at $21 per share, raising approximately $441 million. If the underwriters exercise their over-allotment option, the offering will expand to 24.15 million ADS, raising about $507 million.
▲Zeekr listed on the New York Stock Exchange in the United States
On its debut, Zeekr’s stock performed robustly, opening at $26, a 23.80% increase from the IPO price, and closing at $28.26, up 34.57%. The company’s market value reached $6.997 billion by the end of the first trading day. The IPO was underwritten by 12 major financial institutions, including Goldman Sachs, Morgan Stanley, and BofA Securities. Zeekr’s successful IPO not only raised substantial funds but also underscored the global market’s recognition of Chinese NEV companies.
Zeekr achieved its IPO just 37 months after its brand launch on April 15, 2021, setting a new record in the NEV industry. As a luxury intelligent electric brand under Geely Holding Group, Zeekr has shown exceptional performance since its inception.
Industry experts believe that Zeekr’s successful listing in the US demonstrates its strength and growth potential, boosting investor confidence in Chinese NEV companies. Zeekr’s IPO is expected to help reassess the global value of Chinese NEVs, further advancing the industry’s development.
▲Zeekr’s CEO Conghui An, who is also the president Geely Holding Group
Zeekr’s successful IPO is a major milestone for the company and China’s NEV industry. Achieving an IPO in just 37 months from its brand launch, Zeekr has demonstrated strong market positioning and execution. The funds raised will support Zeekr’s future development, especially in technology research and market expansion. Zeekr’s impressive revenue and sales figures reflect strong market recognition and growing demand, indicating substantial growth potential.
Zeekr’s IPO sets a new benchmark for NEV companies, showcasing the potential for global market recognition. This success will likely inspire other Chinese NEV companies to innovate and expand rapidly. Overall, Zeekr’s IPO is a critical step for the company and brings new opportunities and confidence to China’s NEV industry. With rising market demand and continuous technological advancements, Zeekr is poised to become a prominent player in the global NEV market.
