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ZEEKR Intelligent Technology Holding Limited (NYSE:ZK) shares rose in premarket trading on Monday, signaling that the Chinese electric vehicle manufacturer could add to gains from Friday’s splendid market debut.
Geely Automobile Holdings Limited (OTC:GELYF)-backed Zeekr, a manufacturer of premium EVs, had a strong debut on NYSE on Friday. Through an initial public offering, the company offered 21,000,000 ADRs, each representing 10 ordinary shares, at $21 per ADS, the higher end of the estimated range.
As of Friday’s close, the company’s valuation was at $64.03 billion.
After opening the debut session at $26 per ADS, the stock moved in a range of $25.52-$29.36 before ending up 34.57% at $28.26, according to Benzinga Pro data.
In premarket, the stock rose an incremental 3.86% to $29.35.
Incorporated in March 2021, Zeekr now sells
In the Form F-1 filing, Zeekr said it intends to use the net proceeds to develop more advanced BEV technologies, expand selling and marketing, as well as its service and charging network, and meet general corporate purposes.
Zeekr’s U.S. stock market debut comes at a time when the Biden administration is planning to increase tariffs on Chinese EV imports.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
See Also: Best EV Stocks
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