Chinese industrial robot maker Efort eyes $118m in STAR Market IPO

Chinese industrial robot provider Efort Intelligent Equipment Co., Ltd is targeting to raise 828 million yuan ($118 million) in its Nasdaq-style STAR Market outing, according to its filing with the Shanghai Stock Exchange (SSE).

The company’s issue opened for subscription on July 3 and it has been oversubscribed 3,063 times.

Backed by asset management player ShenZhen Co-Stone Asset Management, Efort intends to offer as many as 130.45 million common shares at a price of 6.35 yuan ($0.9) apiece. 

The proceeds will be invested for the research and development of new-generation robots, component innovation and cloud-computing platforms. 

Shenzhen-based Guosen Securities serves as its principal underwriter of the deal, and CICC is the joint sponsor. EFORT will float its shares under the symbol “688165”.

Efort develops industrial robot products and solutions primarily for the automobile industry. Its annual revenues for the past three years stood at 1.27 billion yuan ($181 million), 1.31 billion yuan ($187 million) and 782 million yuan ($111 million), respectively, per its prospectus.

With the IPO, Wuhu Yuanhong will be the largest shareholder in Efort with 16.09 per cent stake. Co-Stone will be the second-largest shareholder with 14.939 per cent equity interest, down by 4.97 per cent. Co-Stone along with CDH Investments and Phinda Holding have had collectively infused an undisclosed sum in the company’s Series C round in 2017. 

Its other shareholders include Yuanda Ventures (11.67%), CDH (9.66%), electronics appliance giant Midea (6.82%), Phinda Holding (3.83%), state-owned automobile group CHERY (1.05%), and state-owned investment management firm Shenzhen Capital Group (0.04%). 

Midea had invested ‘millions of US dollars’ in Efort’s Series B round in 2016. Yuanda Ventures  CHERY had invested in Efort’s Series A round. 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.