Zeekr has followed in the footsteps of fellow EV startup Rivian by raising funds via an initial public offering in the U.S.
Shares of the Chinese company started trading as American depositary receipts on May 10 on the New York Stock Exchange, under the ticker symbol “ZK.” Due to an oversubscription, Zeekr expanded the size of its IPO to raise a total $441 million by offering 21 million shares at the upper range share price of $21.
In a statement, Zeekr said the raised funds will be used to develop new products and support the expansion of sales in new markets.The IPO price values Zeekr at approximately $5.13 billion, or roughly half of fellow NYSE-listed Chinese EV brand Nio's current market capitalization of $10.7 billion. Additional U.S.-listed Chinese brands Xpeng and Li Auto have current market capitalizations of $7.5 billion and $28.4 billion, respectively.