ZEEKR Intelligent Technology Holding, a premium electric vehicle brand spun out of Chinese automaker Geely, filed on Thursday with the SEC to raise up to $50 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
ZEEKR is a battery electric passenger vehicle (BEV) technology company, developing and offering next-generation premium BEVs and technology-driven solutions. Originally commencing business within multinational automaker Geely Auto (HKEx: 175), ZEEKR was restructured as a separate company in 2021 and has expanded rapidly since then. Its current product portfolio primarily includes ZEEKR 001, a cross-over hatchback released in April 2021; ZEEKR 009, a luxury MPV released in November 2022; ZEEKR X, a compact SUV released in April 2023; and ZEEKR 001 FR, its latest cross-over hatchback model, released in October 2023. As of October 31, 2023, the company had cumulatively delivered over 170,000 ZEEKR vehicles.
The Ningbo, China-based company was founded in 2021 and booked $6.1 billion in sales for the 12 months ended June 30, 2023. It plans to list on the NYSE under the symbol ZK. ZEEKR Intelligent Technology Holding filed confidentially on December 7, 2022. Goldman Sachs, Morgan Stanley, BofA Securities, and CICC are the joint bookrunners on the deal. No pricing terms were disclosed.
