Zeekr plans to go public in New York as early as the second quarter of 2023 and is seeking a valuation of more than $10 billion, according to a Reuters report yesterday.

(Image credit: Zeekr)

Geely confirmed that its premium electric vehicle (EV) brand Zeekr has confidentially filed for an initial public offering (IPO) in the US, following media reports of the development yesterday.

Zeekr filed a draft registration statement for an IPO with the US Securities and Exchange Commission on December 7 on a confidential basis, Geely Automobile Holdings said in a Hong Kong Stock Exchange announcement today.

Zeekr will continue to be a non-wholly owned subsidiary of Geely Automobile Holdings upon completion of the spin-off, the announcement said, adding that the maximum applicable percentage ratio for the spin-off may be expected to be more than 5 percent but less than 25 percent.

As of the date of this announcement, Geely has not yet determined the number and amount of American Depositary Shares to be issued by Zeekr, the announcement said.

Zeekr is a company incorporated in the Cayman Islands with limited liability and is principally engaged in the development and sale of pure electric passenger vehicles, batteries and other components for new energy passenger vehicles and the provision of related services, according to the announcement.

Zeekr was formally established as an independent company in March 2021, and its first model, the Zeekr 001, was unveiled on April 15 last year.

On November 1, Zeekr's second model, the Zeekr 009 MPV, was launched in China, and its deliveries are expected to begin in January 2023.

The Zeekr 001 delivered 11,011 units in November, bringing the cumulative deliveries to 66,611 units since deliveries began last October.

On October 31, Geely said in an announcement that it had submitted a proposal to the Hong Kong Stock Exchange to spin off Zeekr and list it separately.

On December 12, Reuters said, citing three people familiar with the matter, that Zeekr had confidentially filed for a US IPO aimed at raising more than $1 billion.

Zeekr is seeking a valuation of more than $10 billion, which would be the first major US IPO of a Chinese company in a year and a half, the report said.

The company filed with US regulators last week and plans to go public in New York as early as the second quarter of 2023, according to Reuters.