Roborock Technology Co. Ltd., known as Roborock, which is a company backed by Chinese smartphone maker Xiaomi, recently offered its Initial Public Offering (IPO) to raise around 4.5 billion yuan, which is approximately $641 million.

Now, weeks after being a public-traded company, Roborock is now all set to launch its new handheld vacuum cleaner which will be powered by polymer ultralight battery. The product will be launched on 1st April and will be available through crowdfunding.

The product, which seems to have been named Roborock Handheld Vacuum Cleaner H6, will have 150W suction power and 90 minutes of battery life. It is also claimed to weigh just 1.4 kilogram. The company also says that the polymer ultra-light battery has a longer high-rate discharge cycle life, which is 4 times compared to typical lithium batteries.

As said, the company debuted on Shanghai’s STAR Market last month and the shares 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, which is the highest issue price on the A-share market since 2010. The company says that it will use the IPO proceeds to develop next-generation robotic home cleaners and a data analysis platform.

The company was founded in the year 2014 and it designs and sells intelligent home cleaners and other cleaning appliances. Xiaomi owns about 24.7% of Roborock, a robotic cleaning appliances provider, through its associated companies Tianjin Jinmi Investment Partnership and Shunwei Capital.

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(Source)

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