Zeekr Clever Expertise Ltd. is contemplating an preliminary public providing and has requested funding banks for proposals, based on folks 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 folks stated, asking to not be named as the knowledge is personal.
The EV maker is the most recent agency backed by billionaire Li Shufu trying 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 yr, 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 folks stated. L Catterton Asia, the regional arm of the consumer-focused personal fairness agency, has expressed curiosity in collaborating in any future fundraising, they stated.
The EV model raised $500 million in its first exterior funding spherical led by Intel Capital final yr, valuing it at about $9 billion. Up to date Amperex Expertise 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 way of a merger with blank-check firm COVA Acquisition Corp. in what may very well be the biggest 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 prospects in China. It has offered about 20,000 automobiles since October. The EV maker plans to introduce six totally 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.
Associated video: