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Viomi Technology Co. Ltd., a Xiaomi-backed seller of internet-connected home appliances, has raised about US$102.6 million on its debut at the US stock market.
The company offered 11.4 million American depository shares (ADSs) at US$9 apiece, the lower end of its target price range of US$9 to US$11 per share, said the company’s website.
According to its prospectus filed in late August, the company had planned to raise up to US$150 million in its US IPO.
Founded in 2014, Guangdong-based Viomi Technology develops an Internet of Things (IoT) home platform consisting of an ecosystem of IoT products including dishwashers, air and water purifiers. These products can be controlled via the company’s mobile app.
The company plans to use the proceeds for research and development of products, services and technologies, marketing initiatives, making potential strategic investments and acquisitions, and other general corporate purposes, said the prospectus.
In 2015, Viomi Technology secured an undisclosed series A financing round from a group of investors including Xiaomi, Sequoia Capital, Chinese venture capital fund Shunwei Capital, among others.
Other companies in Xiaomi’s ecosystem include smart point of sale (POS) terminal developer Shanghai Sunmi Technology Co., Ltd., rice cooker and kitchen appliance maker Chunmi Electronics Technology Co., Ltd. and manufacturer of smart home appliances Smartmi.
Morgan Stanley and China International Capital Corporation Limited (CICC) acted as lead managers on the deal. Viomi Technology floats its shares at the Nasdaq under the symbol “VIOT”.
Source: China Money Network
