ZEEKR will officially be listed on the NYSE on May 10th
Kevin WongMay 09, 2024, 03:20 PM
It is understood that ZEEKR will officially list on the NYSE under the code "ZK" on May 10, and the company has received nearly five times the oversubscription and ended the subscription one day ahead of schedule. According to the plan, ZEEKR will issue 17.5 million shares of ADS in this IPO, with a price range of 18-21 US dollars per ADS.
Reportedly, ZEEKR received multiple times more orders in less than three days. On one hand, this is the first large-scale Chinese concept stock IPO in U.S. for a long time; on the other hand, the pricing of this ZEEKR's IPO is not high - calculated at the upper limit of the issuance range, the IPO valuation of ZEEKR is 5.13 billion US dollars. This figure is far below the 13 billion dollars in the previous round of financing, and there is a certain gap with the current market value of LiXiang, NIO, and XiaoPeng.
The prospectus shows that ZEEKR will issue 17.5 million shares of ADS, with each ADS corresponding to 10 common shares, and the issue price range is 18 to 21 US dollars per share. Some existing shareholders of ZEEKR and third-party investors have indicated that they are interested in subscribing for a total of no more than 349.08 million US dollars (currently about 2.52 billion yuan) of American depositary shares in this issue, including Geely's maximum of 320 million US dollars (currently about 2.31 billion yuan), Mobileye's about 10 million US dollars (currently about 72.2 million yuan), and Contemporary Amperex Technology's about 19.08 million US dollars (currently about 138 million yuan).
As of the end of April 2024, ZEEKR has delivered more than 240,000 units, with more than 16,000 units delivered in April, a year-on-year increase of 99%, setting a new historical high.
In terms of financial data, the total revenue of ZEEKR in 2021, 2022 and 2023 were 6.527 billion yuan, 31.899 billion yuan and 51.673 billion yuan respectively. In 2023, ZEEKR's vehicle gross margin was 15.0%, an increase of more than 10 percentage points from 2022.
ZEEKR stated in its prospectus that about 45% of the net proceeds from the IPO will be used for the research and development of more advanced pure electric vehicle technology and expanding the product line; about 45% will be used for sales and marketing, and for expanding the service and charging network; about 10% will be used for general corporate purposes.
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