Xiaomi-backed robotic cleaner maker Roborock eyes $649m STAR Market IPO

Xiaomi-backed robotic cleaning appliances provider Beijing Roborock Technology Co., Ltd (Roborock) is seeking to raise 1.3 billion yuan ($649 million) in an initial public offering (IPO) on Shanghai’s Nasdaq-like STAR Market. 

Roborock will offer as many as 16.67 million common shares at 271.12 yuan ($39) apiece to seek a market cap of 3.05 billion yuan ($438 million), according to a company filing on Wednesday. Its listing price of 271.12 yuan per share is the highest issue price on the A-share market since 2010.

CITIC Securities is the principal underwriter of the deal. Roborock will float its shares under “688169.”

Roborock designs and sells smart home cleaners and other cleaning appliances. It secured funding from Xiaomi in 2014 and launched its first product, Mi Home Robotic Vacuum Cleaner, in 2016. Its second product, Roborock Robotic Vacuum Cleaner, was launched in 2017 after crowdfunding over 10 million yuan in four hours.

According to its prospectus, Roborock generated 3 billion yuan ($435 million) in revenue in the first nine months of 2019, up 43.46 per cent year on year, and 582 million yuan ($84 million) in net profit, up 236.13 per cent. 

Roborock said it will deploy IPO proceeds in next-generation robotic home cleaner projects, commercial-based cleaning products, and intelligent data analytics.

Xiaomi owns a 24.6 per cent stake in Roborock through it venture arm Shunwei Capital and Tianji Jinmi Investment. Other investors include Gaorong Capital (6.74 per cent stake) and Qiming Venture Partners (5.85 per cent). 

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.

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.