China's Zeekr to close USD 367.5 mn New York IPO one day early

admin admin | 05-08 00:20

The company, the premium brand of Chinese automaker Geely, had planned to close the bookbuilding on Thursday, acc. to a term sheet distributed when the deal launched last week.
Chinese electric vehicle maker Zeekr Intelligent Technology Holding will close its New York initial public offering (IPO) bookbuilding to raise up to USD 367.5 million on Wednesday, according to two sources with direct knowledge of the matter.

The company, the premium brand of Chinese automaker Geely, had planned to close the bookbuilding on Thursday, according to a term sheet distributed when the deal launched last week.

That has been brought forward by one day to Wednesday, the source confirmed. Zeekr is still due to start trading in New York on Friday, according to a third source familiar with the matter.

The deal books are already multiple times oversubscribed, one of the sources said.

The sources declined to be named because they were discussing confidential information.

Zeekr declined to comment.

The company is selling 17.5 million American depository shares in a price range of USD 18 and USD 21 each, according to its filings. At the top of that range, Zeekr will be valued at USD 5.13 billion.

Cornerstone investors, including Geely, have subscribed for up to USD 349.1 million worth of stock on offer in the deal, the launch term sheet showed.

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