Roborock Technology, a robot vacuum cleaner manufacturer, has started to trade on Shanghai’s Nasdaq-like Star Market on Friday, local media 36Kr reported.
The first Xiaomi-affiliated company listed in the Star Market issued 16.67 million common shares at an offering price of RMB 271.12 (USD 38.56) per share, the highest issue price on the board from 2010. The company’s stock opened at RMB 470 and closed at RMB 500.1, reaching a market capitalization of RMB 33.3 billion (USD 4.7 billion).
Founded in 2014, Roborock specializes in the design and production of robotic home cleaners and other cleaning appliances. The company secured investment from Xiaomi in 2014 and launched its first product, the Mi Home Robotic Vacuum Cleaner, in 2016. Its second device, named Roborock Robotic Vacuum Cleaner, was unveiled in 2017, after crowdfunding about RMB 10 million in four hours.
According to Deal Street Asia, Xiaomi owns a 24.6% stake in the firm through Shunwei Capital and Tianji Jinmi Investment.
36Kr is KrASIA’s parent company.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.