Roborock Technology Co. Ltd., known as Roborock, which is backed by Chinese smartphone maker Xiaomi, raised around 4.5 billion yuan which is approximately $641 million through Initial Public Offering (IPO).
In the company’s trading debut on Shanghai’s STAR Market, the company’s share skyrocketed by 84.5 percent from its IPO price of 271.1 yuan and with that, Roborock’s market cap surged past 33 billion yuan, which is around $4.7 billion.
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The listing price of 271.12 yuan per share for Roborock is the highest issue price on the A-share market since 2010. It will use the IPO proceeds to develop next-generation robotic home cleaners and a data analysis platform.
For those who are unaware, China-based Xiaomi owns about 24.7% of Roborock, a robotic cleaning appliances provider, through its associated companies Tianjin Jinmi Investment Partnership and Shunwei Capital. Other investors in the company include Gaorong Capital and Qiming Venture Partners.
The company was founded in the year 2014 and as said, it designs and sells intelligent home cleaners and other cleaning appliances. The first product from the startup was launched in 2016, named Mi Home Robotic Vacuum Cleaner.
For its second product — Roborock Robotic Vacuum Cleaner, which was launched in 2017, the firm took the route of crowdfunding and raised more than 10 million yuan in just four hours of going live.
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