Media: Geek+ seeks US IPO in February.
Geekvape Technology Holdings Limited plans to conduct its initial public offering (IPO) in the United States in February. The company has submitted its IPO documents to the U.S. Securities and Exchange Commission (SEC) and is currently preparing for the offering. Geekvape is a high-end electric vehicle brand under GEELY AUTO. The company is considering a potential IPO around the Chinese New Year to seize the opportunity of increased investor interest.
According to media reports, Geely's high-end electric vehicle brand, Zeekr Intelligent Technology Holdings Ltd., is studying the possibility of an initial public offering (IPO) in the United States in February next year. Insiders said that Zeekr has been looking for a suitable listing window after assessing investor demand last month. Zeekr is currently considering a possible IPO around February 10, which is before the Spring Festival, betting that investor interest will increase at that time.
The review of the IPO is still ongoing, and details including the timetable may change.
A representative from Zeekr responded that the company has submitted IPO documents to the U.S. Securities and Exchange Commission (SEC) and is preparing for the IPO. However, the representative did not provide any specific timetable for the IPO.
The news of Zeekr's IPO has recently experienced ups and downs. Last month, Zeekr publicly submitted an IPO prospectus to the SEC, planning to list on the New York Stock Exchange. On November 24, Zeekr updated its F-1 document with the SEC. However, on November 30, several people close to Zeekr pointed out that due to weak market sentiment and mismatched valuation expectations, Zeekr decided to postpone its IPO plans.
Earlier, Wall Street News mentioned that as early as the end of August, Zeekr began contacting some investment institutions. At that time, Zeekr planned to raise $1 billion through the IPO and hoped to achieve a valuation of $18 billion. However, according to feedback from industry insiders at that time, this valuation was higher than expected. Industry insiders believe that Zeekr's valuation is unlikely to reach $13 billion, and the final amount raised may be $500 million.
Li Shufu has always wanted to create a high-end pure electric brand. Within Geely, Zeekr is the fourth new energy experimental sample, following Polestar, Geometry, and Lynk & Co. Zeekr is currently the most favored one.
According to Wall Street News, Zeekr delivered 13,104 vehicles in November, a year-on-year increase of 19%. From January to November, Zeekr delivered a total of 105,000 new vehicles. It is understood that in terms of going global, Zeekr is expected to expand to 6 countries in the European market by 2024, enter 8 countries by 2025, and cover most of the core countries in Western Europe by 2026.