Zeekr, a Chinese automobile brand specializing in electric cars owned by Geely Automobile Holdings Ltd, is aiming to raise more than $1 billion in a US initial public offering (IPO), according to a report by Reuters.
The report, which cited three sources with direct knowledge of the matter, said Zeekr is seeking a valuation of more than $10 billion, compared to a $9 billion valuation in its maiden external fundraising last year.
The company has filed the required documents and is planning to go public in New York as early as the second quarter of 2023, Reuters reported.
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A confidential filing allows the company to keep the details of the IPO private for longer and offers additional flexibility, the outlet noted.
The IPO would mark the first major US float by a Chinese company in more than 18 months since Beijing cracked down on overseas share sales following a cybersecurity investigation into ride-sharing company Didi Global shortly after its $4.4 billion New York Stock Exchange debut.
According to Reuters, only five Chinese companies have completed US IPOs this year raising a combined $162.5 million, down from the $12.8 billion raised last year.
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