(Bloomberg) -- Zeekr Intelligent Technology Holding Ltd., the high-end electric car brand under Zhejiang Geely Holding Group Co., is exploring the possibility of a planned US initial public offering in February, according to people with knowledge of the matter.
The EV maker has been looking for an appropriate listing window after gauging investor demand last month, the people said. The company is now looking at a potential first-time share sale around the Lunar New Year, which will start on Feb. 10, betting investor appetite will improve by then, they said.
Deliberations are ongoing and details of the IPO including timeline may still change, according to the people, who asked not to be identified as the information is private.
“The company has made a public filing to the SEC and is proceeding with the preparatory work,” a representative for Zeekr said in response to Bloomberg News query, without giving any specific timeline for the IPO.
Zeekr, which filed for a US IPO in November, is poised to be the third or fourth carmaker that Geely takes public in short order. Lotus Technology Inc. is aiming to complete its merger with a special purpose acquisition company and debut on the Nasdaq before year-end. This would follow Polestar Automotive Holding completing its SPAC deal in June of last year, roughly eight months after Volvo Car AB listed in Stockholm.
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Although Zeekr hasn’t decided on its IPO size, its listing is still expected to be among the biggest by Chinese firms in the US since Beijing forced Didi Global Inc. to delist after its $4.4 billion New York debut in June 2021. In February, Hesai Group, a developer of sensor technologies used in self-driving cars, became the largest US listing by a Chinese firm since the Didi debacle after raising $190 million.
The Zeekr lineup includes the 001, a five-seat crossover introduced in 2021; the 009, a six-seat van that began deliveries in January; and the X, a compact sport utility vehicle that started sales in June. The brand launched a premium sedan last month.
Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp. and China International Capital Corp. are working with Zeekr on the IPO preparations, according to the filing.
--With assistance from Linda Lew.
(Adds context of Chinese listings in US in sixth paragraph.)
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