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On May 3rd, ZEEKR submitted an updated prospectus to the U.S. Securities and Exchange Commission (SEC), with plans to list on the New York Stock Exchange (NYSE) under the ticker symbol “ZK.”

According to the prospectus, ZEEKR intends to issue 17.5 million American Depositary Shares (ADS) at a price range of $18 to $21 per ADS. Existing shareholder Geely Auto has expressed interest in purchasing up to $320 million worth of ADS, and other investors like CATL and Mobileye may also participate.

The capital raised through the IPO will be allocated primarily in three areas: approximately 45% for advancing electric vehicle (EV) technology and expanding the product portfolio, another 45% for sales, marketing, and expanding service and charging networks, and the remaining 10% for general corporate purposes, including working capital needs.

ZEEKR’s financial performance shows promising growth. In 2021, 2022, and 2023, their total revenue reached ¥6.5 billion, ¥31.9 billion, and ¥51.7 billion, respectively, with a remarkable 62% year-on-year revenue increase in 2023.

The anticipated NYSE listing date for ZEEKR is May 10th. 

However, it’s worth noting that ZEEKR reported net losses of ¥4.51 billion, ¥7.66 billion, and ¥8.26 billion for the years 2021, 2022, and 2023, respectively. The need for cash in the short term is one of the driving factors behind their decision to go public.

As part of its global expansion strategy, ZEEKR has already made inroads in markets like Stockholm and Amsterdam. This year, they plan to enter eight European luxury markets and expand into Southeast Asia, the Middle East, South America, and Australia. Choosing the U.S. market for their IPO makes sense, given the significant growth potential in the American EV market (currently at only 10% penetration). A successful U.S. listing will enhance ZEEKR’s influence and pave the way for further expansion in Europe and North America.