Zeekr Going Public In The U.S. This Week With A $5.1 Billion Valuation

Chinese car manufacturer Zeekr will go public on the New York Stock Exchange this week and hopes to raise approximately $367.5 million at a $5.1 billion valuation.

The company has been gearing up for a U.S. IPO for quite some time and will hit the market with 17.5 million American depository shares priced between $18 and $21 apiece. This will represent the largest IPO of a Chinese firm in the U.S. since 2021. Zeekr will join other Chinese EV makers on the NYSE, including Nio, Xpeng Motors, and Li Auto.

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While investors from around the world will now be able to own a piece of Zeekr, founder and chairman Shufu Li will still control almost 75% of shareholder voting power after the IPO, Auto News reports.

Zeekr has lowered its expectations for its U.S. IPO over the past six months. In November, it put its IPO on hold because of a mismatch in valuation expectations. It had hoped to maintain the valuation of $13 billion it achieved through a private fundraising exercise last February.

The car manufacturer plans to expand into several new overseas markets this year, including Australia, aiming to sell as many as 230,000 vehicles this year, approximately double the number it delivered in 2023.

Its range currently consists of the 001, the X SUV, the 009 MPV, and the 007 sedan. The popular 001 received a comprehensive update in March and is now underpinned by a new 800-volt architecture and offered with a 95 kWh LFP battery and a 100 kWh NMC battery. Zeekr’s range will soon grow further with the launch of the Mix, an all-electric minivan to rival the VW ID.Buzz. This model is underpinned by Geely’s Sustainable Experience Architecture platform.