- Chinese automotive company Geely Automobile Holdings Ltd‘s GELYY GELYF premium electric car division, Zeekr, has filed for a U.S. initial public offering (IPO).
- The electric car brand, Reuters reported, expects to raise over $1 billion through its market debut.
- Zeekr filed for the IPO with U.S. regulators last week and aims to go public in the second quarter of 2023.
- Geely launched the EV brand in April 2021 to cater to China’s demand for premium EVs.
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- The report added that the IPO would be first big Chinese float in the U.S. in more than a year and a half after Beijing’s tough stand on the overseas shares sales of Chinese companies.
- Zeekr is looking for a valuation of more than $10 billion through the IPO.
- The move is significant in the sense that major Chinese EV makers are expanding their presence in Europe in a bid to capture a growing demand for electric vehicles in the region.
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