Zeekr Clever Know-how Ltd. is contemplating an preliminary public providing and has requested funding banks for proposals, in keeping with individuals aware of the state of affairs.
The Zhejiang Geely Holding Group Co.-backed firm is exploring itemizing venues together with the U.S. and Hong Kong and hasn’t selected the IPO dimension, the individuals stated, asking to not be named as the knowledge is non-public.
The EV maker is the newest agency backed by billionaire Li Shufu seeking to faucet the rising investor urge for food for the sector. Geely is contemplating a Hong Kong IPO for its ride-hailing agency Cao Cao Mobility as quickly as subsequent 12 months, Bloomberg Information reported final week.
The timeline for a possible itemizing hasn’t been set, and Zeekr might decide to boost one other spherical of funding first, the individuals stated. L Catterton Asia, the regional arm of the consumer-focused non-public fairness agency, has expressed curiosity in taking part in any future fundraising, they stated.
The EV model raised $500 million in its first exterior funding spherical led by Intel Capital final 12 months, valuing it at about $9 billion. Up to date Amperex Know-how Co. Ltd., the world’s greatest EV battery maker, on-line leisure group Bilibili Inc. and personal fairness agency Boyu Capital additionally participated.
Zeekr has no plan for a brand new funding spherical and declined to touch upon its IPO plans, a consultant for Geely stated in response to a Bloomberg Information question. L Catterton declined to remark.
ECARX Holdings Inc., the automotive tech agency backed by Li, in Could agreed to go public by means of a merger with blank-check firm COVA Acquisition Corp. in what might be the most important Chinese language itemizing within the US since Didi World Inc. The deal values the mixed firm at about $3.8 billion.
Based in 2021, Zeekr positions itself as a premium EV model that targets youthful, trendier clients in China. It has offered about 20,000 vehicles since October. The EV maker plans to introduce six completely different fashions inside 5 years, aiming for annual gross sales of 650,000 models by 2025. Geely Car Holdings Ltd. has an oblique stake within the EV model.
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