Ecovacs Robotics, the champion of China’s floor sweeper robots when it comes to market share, officially landed on the Shanghai Stock Exchange on Monday, The Paper reported.
The company plans to issue 40.1 million shares, at the price of 20.02 yuan per share, raising a total 803 million yuan (US$125.47 million).
The funds raised will be used for an annual output of four million in-home robotic appliances, as well as robot Internet ecosystem construction and international marketing.
In the field of in-home robots, Ecovacs Robotics has occupied 48.8% of the 2017 online market share, while the offline market has reached 51.9%.
Its floor sweeper robot secured 34.1% of the German market in 2017, surpassing all competitors for the first time. The market share in Germany is currently stable at around 30%.
The robotic firm will continue to develop the European market on the basis of Germany, and use the European base to enter the lucrative Middle East market.