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- Shares of China's Zeekr Intelligent Technology were scheduled to start trading on the New York Stock Exchange on Friday after the electric-vehicle maker priced its initial public offering at the top end of its marketed range.
A plunge in valuations of some high-flying names in the space could also spook investors. Rivian Automotive has lost 85% since its IPO in November 2021, while Lucid Group is left with a fourth of what it fetched when it signed a deal with a blank-check firm earlier that year. The IPO gives Zeekr a fully diluted valuation, which includes securities such as options and restricted stock units, of $5.5 billion at the high end of its targeted range, but still lower than the $13 billion it fetched after a funding round last year.
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