Zeekr attracts $441M during IPO

Chinese EV maker Zeekr has entered the U.S. Stock Exchange and managed to increase its valuation by $441 million for a total of $5.13 billion. According to CnEVPost, that’s about half the valuation of its primary competitor, Nio.

According to Zeekr, the original plan was to post 17.5 million American depositary shares (ADSs), each worth 10 normal shares. These had been initially evaluated at $18–21, meaning the company hadn’t expected to draw in more than $367.5 million.

However, thanks to oversubscription, the company managed to increase its offering and sell it near the upper price threshold. Moving forward, Zeekr will be able to expand its ADS portfolio on the New York Stock Exchange to a total of 24.15 million, which will bring it $507.15 million.

A subsidiary of Geely, Zeekr continues to operate at a loss despite its recent successes. Over its first three years of operations, the electric car company had lost 20.4 billion Yuan (roughly $2.9 billion). The senior management still stays positive, saying the business is now well on track to closing the year in the green for the first time on record.