HomeFinancial MarketsChinese EV Maker Zeekr Records a Strong NYSE Debut With 35% Jump...

Chinese EV Maker Zeekr Records a Strong NYSE Debut With 35% Jump From IPO Price

Chinese electric vehicle brand Zeekr had a stellar debut at the New York Stock Exchange (NYSE). After initial public offering at $21 per share under ticker ZK on Friday, the company’s stock jumped almost 35% to close at $28.26 by the end of the day.  

Zeekr, which is owned by owned by Chinese automotive giant Geely Automobile Holdings, initially planned to offer 17.5 million American depository shares at a price between $18 and $21 per share. However, significant interest from investors prompted the company to up its IPO offering to 21 million American depository shares and raise $441 million.

According to reports, the demand was so strong that Zeekr pulled the plug on orders one day earlier due to an oversubscribed IPO. 

“The capital markets in New York are very favorable for new energy vehicles. Zeekr is a global brand, and choosing to list in New York further demonstrates its global capabilities,” Zeekr CEO Conghui An said via Reuters.

 Zeekr is one of Geely’s premium brands with a focus on the luxury EV market. According to CNCB, the company had revenue of $7.28 billion in 2023 and delivered 118,685 units while recording $1.16 billion in losses.

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