China's Zeekr to Close $368 Million New York IPO Early

China’s electric carmaker Zeekr will close book-building a day early this week for its New York initial public offering (IPO), which will raise up to $367.5 million.

Zeekr’s IPO will the first in the United States by a Chinese company in more than two years.

A term sheet distributed when the deal launched last week showed Zeekr had planned to close the bookbuilding on Thursday.

Also on AF: China’s BYD ‘Welcome to Open an EV Factory in France’

But that has been brought forward by one day to Wednesday, two sources with direct knowledge of the matter told Reuters.

Zeekr is still due to start trading in New York on Friday, according to a third source familiar with the matter.

The deal books are already multiple times oversubscribed, one of the sources said.

Zeekr is the premium brand of Chinese automaker Geely. It was last valued at $13 billion in a funding round last year.

The company is selling 17.5 million American depository shares in a price range of $18 and $21 each, according to its filings. At the top of that range, Zeekr will be valued at $5.13 billion.

Cornerstone investors, including Geely, have subscribed for up to $349.1 million worth of stock on offer in the deal, the launch term sheet showed.

Reuters, with additional editing by Vishakha Saxena

Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]