Zeekr Sets New Benchmark in IPO Performance: fastest growing IPO of a new automobile company entering the Electric Vehicle Industry

[XN Motors News] New York, May 10 — Zeekr Intelligent Technology Holdings Co., Ltd. made a striking milestone on the New York Stock Exchange, marking a significant milestone in the history of electric vehicle manufacturing. The company, under the ticker symbol "ZK," launched its Initial Public Offering (IPO) amid high demand, issuing 21 million U.S. Depository Stocks (ADS) at $21 each, thereby raising approximately $441 million. With potential over-allotment, this could increase to 24.15 million ADS, accumulating around $507 million. 

Zeekr, a division of Geely Holding Group, has distinguished itself by fast-tracking its listing in just 37 months from its inception—setting a record for the fastest IPO by a new energy vehicle company. The underwriting syndicate includes prestigious names like Goldman Sachs, Morgan Stanley, BofA Securities, and CICC, underscoring the robust market confidence in Zeekr's business model and growth trajectory.

The company's stock opened at $26 and surged to $29 during early trading, reflecting a more than 38% increase from its initial price and valuing the company at approximately $7.078 billion. This performance underscores investors' enthusiastic reception and confidence in the long-term prospects of Zeekr.

An Cong Hui, CEO of Zeekr Intelligent Technology and president of Geely Holding Group, commented on the IPO, stating, "This marks a new era for the global auto industry and positions Zeekr at the forefront of the new energy movement. Our aim is not just to lead but to redefine the sector, leveraging Geely's heritage and global resources."

Since its launch in April 2021, Zeekr has rapidly developed a comprehensive ecosystem for electric intelligent technology, which includes the release of five innovative models and delivery of over 240,000 vehicles, continuously breaking industry records even amid challenges like price wars and supply shortages.

The IPO proceeds are earmarked for several strategic initiatives: approximately 45% will fund advanced electric vehicle technology development and expand the product lineup; another 45% will enhance sales, marketing, and service and charging networks; and the remaining 10% will support ongoing operational needs.

Zeekr's ambitious R&D investments, which total nearly 17 billion yuan over three years, have fortified its capabilities in high-performance electric drives and ultra-fast charging technologies, establishing the brand as a leader in intelligent manufacturing and high-level autonomous driving systems. 

With this successful IPO, Zeekr not only consolidates its leadership in China's high-end electric vehicle market but also significantly advances its global footprint, planning to enter markets across Europe, Southeast Asia, the Middle East, South America, and Australia. This global expansion aligns with Zeekr's strategy to meet rigorous international safety standards and address diverse customer needs worldwide, further enhancing its position as a pivotal player in the global transition to new energy vehicles. (Article/XN Motors Sarah)