Chinese language electrical automobile maker Zeekr priced its preliminary public providing at $21 a share Thursday, on the high finish of its vary, in line with information stories.

The corporate will promote 21 million American depository shares to boost $441 million when it begins buying and selling on the New York Inventory Change on Friday beneath the ticker ZK, Reuters and Bloomberg Information reported, citing sources acquainted. The providing sits on the high of Zeekr’s anticipated vary of $18 to $21 a share, revealed in an F-1 submitting with the Securities and Change Fee earlier this month.

Zeekr, which is backed by Chinese language-based automotive group Geely, provides a number of luxurious automobile fashions, together with an upscale sedan it started delivering in January. Geely may have greater than 50% of the corporate’s voting energy after the IPO is full.

“By growing and providing next-generation premium BEVs and technology-driven options, we aspire to guide the electrification, intelligentization and innovation of the auto trade,” the corporate mentioned in its SEC submitting.

Zeekr may pose large competitors for Tesla, which it reportedly outpaced in automotive gross sales within the province of Zhejiang, China, through the first three weeks of April. The province is the place its mother or father firm relies.

“Our gross sales hole with Tesla retains on narrowing,” Zeekr CEO Andy An instructed CNBC in an interview final month translated from Mandarin. He mentioned the corporate plans to increase in Europe and Latin America this 12 months, and it already sells automobiles in Sweden and the Netherlands.

In keeping with the regulatory submitting, Zeekr posted $7.28 billion in income for 2023 and a lack of $1.16 billion. The corporate additionally mentioned it delivered 16,089 items in April.

Zeekr has mentioned it plans to make use of the proceeds from the providing to develop extra superior battery electrical automobile applied sciences. Funds may even be used for promoting and advertising functions, equivalent to rising its charging, together with normal company wants.

Underwriters of the deal embrace Goldman Sachs, Morgan Stanley, Merrill Lynch and China Worldwide Capital.