Beijing-headquartered internet of things (IoT) technology innovator RocKontrol Technology Group Co., Ltd is targeting to raise 982 million yuan ($141 million) in its initial public offering (IPO) on China’s Nasdaq-like STAR Market.
RocKontrol intends to sell up to 19.33 million shares at 50.81 yuan ($7.3) apiece. The company has sold 8.3 million shares ahead of its IPO, per a company filing with the board on Wednesday.
RocKontrol solutions operate in the space of green ecosystems, smart cities, intelligent architecture, and smart security. It has set up four subsidiaries and an international IoT big data centre to spruce up the industrial supply chain.
Since 2019, RocKontrol has collaborated with Chinese tech giant Huawei on IoT and big data solutions. Based on the face recognition algorithm, it has launched AI monitoring & analysis services amid the Covid-19 outbreak, according to its recent press release.
The company’s top clients that include government administrations and state-owned enterprises contribute to 85.20 per cent of its revenue for three years in a row.
As of December 2019, RocKontrol has 908 million yuan ($131) in assets under management, up 8.20 per cent over the previous year.
It will use the IPO proceeds to finance the AI big data-focused projects. Besides, it aims to fuel the smart platforms about sensor, cloud database and software.
HK-listed Everbright Securities is the lead underwriter of the deal.