Exclusive-Chinese EV maker Zeekr prices US IPO at top of range to raise $441 million, source says

By Thomson Reuters May 9, 2024 | 2:03 PM

By Echo Wang

NEW YORK (Reuters) – Chinese electric vehicle maker Zeekr Intelligent Technology priced its U.S. initial public offering (IPO) at the top of its indicated range on Thursday, raising $441 million, a person familiar with the matter said.

Zeekr, which is the premium brand of Chinese automaker Geely, upsized its IPO to sell 21,000,000 million American Depositary Shares at $21 per share, the source said, requesting anonymity as these discussions are confidential. The IPO values Zeekr at $5.1 billion.

The company closed orders from investors a day earlier after its IPO was oversubscribed, the source said.

Zeekr did not immediately respond to a request for comment.

(Reporting by Echo Wang in New York; Editing by Anirban Sen)