Polar krypton rose sharply on its first day on the market.
May 10 local timeViproulettePolar Krypton Intelligent Technology Holdings Limited (hereinafter referred to as "Polar Krypton") is officially listed on the New York Stock Exchange under the symbol "ZK". The IPO offering price is 21 US dollars per share, which is at the top end of the expected range. Polar krypton opened at $26 per share, up 34 per share on the first day, according to Wind clients.Viproulette.57% to close at $28.26 per share, with a market capitalization of $6.9 billion.
According to polar krypton, due to being oversubscribed, polar krypton has expanded the size of IPO, issuing a total of 21 million American depositary shares at a price of $21 per share, raising about $441 million. If the underwriter exercises its over-allotment right, the issue will be further expanded to 24.15 million ADS shares, raising about $507 million. The underwriters of this issue mainly include Goldman Sachs, Morgan Stanley, BofA Securities, China International Capital Corporation and so on. It is worth noting that the market value of polar krypton reached $6.9 billion on the first day, nearly 50% less than the post-rotation valuation of $13 billion.
About 45 per cent of the funds raised by IPO will be used to develop more advanced pure electric vehicle technology and expand the product portfolio; about 45 per cent will be spent on sales, marketing and expanding the service and charging network; and about 10 per cent will be used for general corporate purposes, including working capital requirements, to support business operations.
Since its founding in 2021, it has taken the company just three years to go public. Polar Krypton is a luxury intelligent pure electricity brand of Geely Holdings Group. According to polar krypton, Geely will have more than 50% of the company's voting rights after listing.
An Conghui, president of Geely Holdings Group and CEO of Polar Krypton Intelligent Technology, said in a speech, "in 37 months, Polar Krypton has set a new record for the fastest launch of a new energy vehicle brand to IPO; behind this is the 37-year accumulation of our parent company Geely Holdings Group, and the groundbreaking exploration of the third track of the new energy vehicle industry."
In financial terms, in 2023, polar krypton's total revenue was about 51.7 billion yuan, an increase of 62 percent over the same period last year; a net loss of 8.26 billion yuan; net cash flow from operating activities of 2.28 billion yuan; and a vehicle gross profit margin of 15 percent, up 10.3 percent from 4.7 percent in 2022.
In terms of sales, polar krypton delivered more than 240000 vehicles by the end of April 2024; from January to April this year, nearly 50, 000 vehicles were delivered.
At present, polar krypton is making great efforts to expand overseas markets. In 2024, polar krypton will not only enter the luxury markets of eight European countries, but also enter the markets of 50 countries and regions, including Southeast Asia, the Middle East, South America and Australia.
An Conghui said that the model customized by Polar Krypton in cooperation with Google's self-driving company Waymo is about to enter the US travel market, and its household products will also be launched in markets such as China.
