Geely Automobile Holdings Ltd‘s (OTCPK:GELYF) (OTCPK:GELYY) premium EV brand Zeekr has reportedly postponed its U.S. IPO plans.
What Happened: The decision was made in light of valuation discrepancies and increasing market instability, Reuters reported, citing multiple unnamed sources.
Zeekr, for its end, however, told Reuters that it has submitted a public filing to the Securities and Exchange Commission (SEC) and continues with the preparatory work.
Why It Matters: It was reported in Dec. 2022 that Zeekr has filed for an IPO and expects to raise over $1 billion through its market debut. As per the updated paperwork filed by the company for its IPO earlier this month, its loss from operations increased from 2.86 billion yuan in the six months ending June 30, 2022, to 3.72 billion yuan in the first six months of 2023.
Geely launched the EV brand in April 2021 to cater to China’s demand for premium EVs. Since the start of this year till the end of October, the company has delivered over 92,000 vehicles.
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
