The EV division from the British car manufacturer Lotus is merging with notable acquisitions company L Catterton, with shares expected to be listed on NASDAQ under the ticker name of LOT.
Lotus Technology, the EV division of Lotus Group, recently said it is going public in the United States via a merger. The division is headquartered in the central Chinese city of Wuhan and produces cars through a partnership with Geely.
Lotus's parent company Geely and its co-owners are expected to retain an 89.7 percent majority share of the company. The combined company is expected to keep the name of Lotus Technology Inc., with an estimated combined worth of $5.4 billion. Ordinary shares for Lotus are expected to be listed on the NASDAQ under the ticker symbol "LOT" after the IPO.
CEO looks forwards
Geely's CEO recently commented on the IPO. "The Eletre SUV is still expected to begin delivery in China in the first quarter of this year and in the U.K. and Europe later. The U.S. and the rest of the world must sit patient, with Lotus still planning global delivery in 2024."
The push to go public is part of a larger narrative between Lotus and Geely trying to improve the company's reach on a global scale. To that end, prospects seem high for the British outfit as it heads public.
Bache Standard Capital Thoughts
Bache, Head of Investments, commented. "We are incredibly excited that more and more automotive manufacturers are moving into EV. We have been advising our clients on EVs and IPOs for many years. With cautious money in the beginning, it is easy to now see that the gains and growth have been exponential.