EV maker Farizon, a unit of Chinese auto giant Geely (OTCPK:GELYY) (OTCPK:GELYF), is reportedly eyeing a US initial public offering before the end of the year.
Farizon may also seek to raise $300M ahead of a possible IPO. Geely is said to be looking for a valuation of around $4.5B for the raise. Farizon was reportedly valued at around $3B last year during a previous funding round, according to Bloomberg.
Geely declined to comment on the matter, Bloomberg added.
Farizon has been focused on developing “new energy” light commercial vehicles. The brand’s offerings include a methanol-powered heavy truck and an EV commercial van.
If Farizon files, it would be the second Geely unit to do so within the last six months. In December, Geely’s EV car unit Zeeker filed reportedly filed for a $1B US IPO.
Geely has also been highly active on the SPAC front. Its EV unit Polestar (PSNY) went public last June through a SPAC deal that valued the combined company at around $20B. And in January, luxury EV maker Lotus, in which Geely holds a major stake, agreed to merge with SPAC L Catterton Asia (LCAA) at an enterprise valuation of $5.4B.
In December, EV technology developer ECARX, which is backed by Geely Chairman Eric Li, went public through a deal that pegged the pre-money equity value at $3.4B.
More on Geely:
Geely is Responding Well to Electric Vehicle Demand
Luxury EV Maker Lotus to Go Public Through SPAC Merger
EV Tech Developer ECARX Stock Drops in Wake of $3.8B SPAC Merger