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Unitree Robotics IPO set for Shanghai next week amid US rivalry
The company plans to sell 40.45 million shares, with book-building starting August 5 and final offer results due August 14.
Unitree Robotics will launch an initial public offering in Shanghai next week, the firm said late Thursday, as China’s robotics start-ups compete to go public amid intense rivalry with US counterparts, according to SCMP Economy.
The Hangzhou-based company plans to sell 40.45 million shares, representing 10.0% of its enlarged share capital. After the listing, founder Wang Xingxing and related parties are expected to hold 31.29% of the shares and 65.31% of the voting rights.
Unitree will begin book-building on August 5 and set an offer price the next day, with final results scheduled to be published on August 14. Its listing application was accepted by the Shanghai Stock Exchange in March, and China’s securities regulator cleared the registration on July 2.
Financially, Unitree reported revenue of 1.7 billion yuan last year and adjusted profits of 591 million yuan, a contrast to a sector where many firms “mostly burn cash,” SCMP Economy reported.