China’s Zeekr to close $367.5 million New York IPO one day early, sources say
3:49 am Tuesday, May 07th, 2024
By Scott Murdoch
SYDNEY (Reuters) -Chinese electric vehicle maker Zeekr Intelligent Technology Holding will close its New York initial public offering (IPO) bookbuilding to raise up to $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 $18 and $21 each, according to its filings. At the top of that range, Zeekr will be valued at $5.13 billion.
Cornerstone investors, including Geely, have subscribed for up to $349.1 million worth of stock on offer in the deal, the launch term sheet showed.
(Reporting by Scott Murdoch. Editing by Gerry Doyle)
