On May 3rd, Eastern Time, Zeekr submitted an updated prospectus to the U.S. Securities and Exchange Commission (SEC) and plans to be listed on the New York Stock Exchange with the stock code ‘ZK’ on May 10th.
Zeekr hopes to issue 17.5 million American Depositary Shares (ADS) at a price between $18 and $21 per share, raising up to $367.5 million in funds. Each ADS is equivalent to 10 ordinary shares. Zeekr’s target valuation is $5.13 billion, lower than previously expected. It is expected to become the largest Chinese company to go public in the US since October 2021.
According to Zeekr, three companies have expressed interest in subscribing for up to $349 million of American depositary shares. These include Geely Auto, CATL, and Mobileye.
Geely Auto Chairman Li Shufu will own nearly 75% of the shares after the IPO, which is equivalent to 1.82 billion shares. Zeekr CEO An Conghui holds almost 3% of the shares.
The Zeekr electric vehicle series includes the sedan Zeekr 007, the five-seater crossover Zeekr 001, and the compact SUV Zeekr X. Zeekr CEO An Conghui previously told the media that sales of Zeekr in certain regions of China have already exceeded Tesla. In addition, the company is seeking to expand its business in Europe and Asia, and has also been actively laying out plans in Latin America.
SEE ALSO: Zeekr Restarts Its US IPO
Sign up today for 5 free articles monthly!
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Pandaily – https://pandaily.com/zeekr-plans-to-go-public-on-the-nyse-on-may-10th/
Why David Brooks Is (Mostly) Stepping Away from Politics