Geely's Farizon Auto Said To Raise $300M Ahead Of Potential US IPO

  • Farizon Auto, the new energy commercial vehicle brand of Zhejiang Geely Holding Group Co., is reportedly planning to raise about $300 million fund ahead of the U.S. initial public offering.
  • The new energy truck maker expects to be valued at $4.5 billion, up from a $3 billion valuation last year, reported Bloomberg.
  • Farizon is also said to be considering U.S. listing at the end of 2023.
  • Also ReadChina's Geely Snaps Profit-Decline Streak, Raises Sales View For 2023
  • In October 2022, Farizon raised more than $300 million in a pre-A series funding led by a unit of Logistics and real estate company, GLP Pte.
  • Farizon, founded in 2016, makes commercial electric vehicles, buses, and coaches. In 2019, Farizon Auto launched M100 methanol fuel heavy truck.
  • The report further noted that the brand's alternative-energy-powered light duty truck garners about 42% of the market share in China in the segment.
  • Price Action: GELYY shares are trading lower by 0.27% at $25.32 on the last check Friday.
  • Photo Via Company
Market News and Data brought to you by Benzinga APIs
Posted In: NewsPenny StocksMediaGeneralBriefsEurasia
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!