Xiaomi-backed home appliances supplier Viomi submits U.S. IPO papers

A "MI" logo stands outside the main entrance of the Xiaomi Corp. headquarters in Beijing, China. Photographer: Edmond Lococo/Bloomberg

Viomi Technology Co., a provider of internet-connected home appliances to Chinese smartphone giant Xiaomi Corp., filed for a U.S. initial public offering.

The four-year-old company in a regulatory filing Tuesday listed the offering size as $150 million, a placeholder amount that could change. The company planned to seek $200 million in a listing, people familiar with the matter previously said.

Xiaomi, which raised $5.4 billion including the overallotment to underwriters in its Hong Kong IPO in June, is Viomi’s strategic partner, shareholder and “most important customer,” according to the filing. Viomi, based in the southern Chinese city of Foshan, also counts Sequoia Capital among its investors. The firm completed a series A funding round in 2015 from investors including Xiaomi.

Viomi’s dishwashers, air and water purifiers can be controlled via the company’s mobile app. Its smart refrigerator has a speech recognition function that understands commands such as resetting the temperature, picking up phone calls, playing music and requests for recipe recommendations.

In 2017, Viomi had net income of $14 million on net revenue of about $132 million, the company said. It plans to use proceeds for research and development, selling and marketing initiatives, potential strategic investments and acquisitions and for general corporate purposes.

The offering is being led by Morgan Stanley and China International Capital Corp., according to the filing. The company intends to apply to list its American depositary shares on the Nasdaq under the symbol VIOT.

Bloomberg

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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.