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AgiBot seeks Hong Kong IPO with Citic Securities as sponsor

The Shanghai-based robot maker is targeting a valuation of HK$40 billion to HK$50 billion, people familiar with the matter said.

Reported · Written up by our desk · Asia

Fast-growing Chinese robot maker AgiBot is pursuing an initial public offering in Hong Kong and has hired Citic Securities as a sponsor, according to two people familiar with the matter cited by SCMP Economy.

The people said China International Capital Corporation (CICC) and Morgan Stanley have also been tapped as joint sponsors, and AgiBot and the banks did not immediately respond to requests for comment.

SCMP Economy notes AgiBot had been eyeing a Hong Kong listing this year and targeting a valuation range of HK$40 billion to HK$50 billion, or about US$5.10 billion, to HK$50 billion.

The story also points to Hong Kong’s recent IPO backdrop, including Innolight’s IPO, which drew more than 30 cornerstone investors and aimed to raise US$8 billion before a July 30 debut, according to SCMP Economy.

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