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Geely’s Zeekr Revives $500M IPO Plans Amid Market Challenges: Report – Geely Car Hldgs (OTC:GELYY)

Zeekr, the premium electrical car (EV) model of Chinese language automaker Geely Car Holdings GELYY, has reportedly reinitiated its plan to lift as much as $500 million in an preliminary public providing (IPO) in New York.

Zeekr halted its itemizing intentions in November because of valuation discrepancies and market volatility, reported Reuters.

The corporate has resumed engagement with potential buyers by means of a non-deal roadshow previous the IPO, the report famous.

“The corporate has made a public submitting to the SEC and is continuing with the preparatory work,” the report quoted Zeekr. The corporate submitted its prospectus to U.S. regulators in November.

In the course of the first quarter of 2024, six Chinese language firms collectively raised $46.9 million by means of IPOs within the U.S, contrasting sharply with $428 million raised throughout the identical interval final 12 months, the report cited knowledge from Dealogic. This marked the quietest first quarter since 2017.

Zeekr reportedly goals to attain a 2024 supply goal of 230,000 automobiles, doubling its 2023 figures.

Established in 2021 by Geely, previously Zhejiang Geely Holding Group, Zeekr seeks to capitalize on the rising demand for premium EVs in China.

As per the report, the corporate secured $750 million in funding in February final 12 months, with buyers together with Amnon Shashua, CEO of autonomous driving expertise agency Mobileye International, and Chinese language battery large CATL, valuing the model at $13 billion.

Disclaimer: This content material was partially produced with the assistance of AI instruments and was reviewed and printed by Benzinga editors.

Picture Credit – Shutterstock

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