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

admin admin | 05-08 00:30

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.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Ola Electric responds to ARAI notice, says prices of S1 X 2 kWh scooter unchanged

Ola Electric provided an invoice dated October 6, showing a INR 5,000 discount given to customers, a...

Hyundai Motor IPO’s off to a slow start

Around 35% of the total shares in the offering are reserved for retail investors, while QIBs and NII...

Under fire, Ola Electric taps EY India to get back on track

Close to a dozen executives from EY came on-board at Ola Electric a few weeks ago on deputation for ...

Tata Motors secures 5-star BNCAP safety ratings for Nexon, Curvv, and EV models in latest crash tests

Tata Curvv.EV BNCAP testTata Motors did it again! Tata Motors has once again secured 5 star rating i...

India needs to step up manufacturing to meet Viksit Bharat goal: Volvo Grp India MD

Volvo Group India Managing Director and President, Kamal Bali. The manufacturing sector is a weak li...

Dollar pullback to help Indian rupee, weak risk appetite to weigh

Investors are now nearly certain that the U.S. Federal Reserve will deliver a 25-basis-point rate cu...