At Extreme Investor Network, we are always on the lookout for the latest trends and opportunities in the investing world. Today, we are excited to bring you the inside scoop on the upcoming initial public offering of Chinese electric vehicle maker Zeekr.
Zeekr has priced its IPO at $21 a share, at the top end of its range, with plans to sell 21 million American depository shares to raise $441 million. The company, backed by Chinese-based automotive group Geely, offers luxury vehicle models and aims to lead the electrification and innovation of the automobile industry.
One of the most intriguing aspects of Zeekr is its potential to become a major competitor to Tesla. In fact, reports suggest that Zeekr surpassed Tesla in car sales in the province of Zhejiang, China, in April. With plans to expand into Europe and Latin America this year, Zeekr is poised for significant growth in the electric vehicle market.
In terms of financials, Zeekr reported $7.28 billion in revenue for 2023, with a loss of $1.16 billion. The company delivered 16,089 units in April and plans to use the proceeds from the IPO to develop advanced battery electric vehicle technologies and expand its marketing efforts.
With underwriters like Goldman Sachs, Morgan Stanley, Merrill Lynch, and China International Capital on board, Zeekr’s IPO is shaping up to be a major event in the investing world. Stay tuned for more updates on this exciting opportunity as Zeekr begins trading on the New York Stock Exchange under the ticker ZK.
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