Finance
Initial public offering: Viomi prices shares at $9
-
Chinese smart-home product maker Viomi is set to
go public on Tuesday. -
It priced shares at $9 apiece, raising $102.6 million
through its initial public offering. -
The company said it returned to profit in 2017 and
generated $10.6 million of net income in the
first half of 2018. -
Chinese hardware giant Xiaomi is Viomi’s partner,
customer, and shareholder.
The Chinese smart-home product marker Viomi is set to go
public Tuesday through an initial public offering at the
Nasdaq. Shares priced at $9 apiece, allowing the company to
raise $102.6 million.
Viomi is a subsidiary of the Chinese hardware giant Xiaomi,
like the fitness-tracker maker Huami. Viomi’s current flagship
product is a smart-water purification system, which is
responsible for nearly half of the its revenue.
“Powered by advanced artificial intelligence, or AI,
proprietary software and data analytics systems, our IoT @ Home
platform generates extensive and deep consumer behavior data and
insights, enabling us to continue to enhance our products and
offer additional bespoke value-added businesses over time,” the
company said, adding that the platform had over
1.2 million household users by the end of June 2018.
“IoT”, or Internet of Things, refers to the network of
physical devices embedded with electronics, software, sensors,
and connectivity which enables these things
.
In its
public filing, the company said it returned to profit in 2017
and generated $10.6 million of net income in the
first half of 2018, up 271.5% from the same period last
year.
Viomi’s performance is significantly dependent on its
strategic partner Xiaomi, gaining access to Xiaomi’s
ecosystem users, market and data resources and related support.
The company said that its revenues increased 284.4% to
$157.2 million in the first half of 2018, 62.6% of
which comes from product sales to Xiaomi.
Xiaomi has 19.5% stake in Viomi and
indicated interests in subscribing up to a total of
$10 million worth of the American Depository Shares in this
offering at the initial public offering price, according to the
public filing.
The underwriters for Viomi’s IPO
include Morgan Stanley and China International Capital
Corporation Hong Kong Securities.
Viomi will trade under the ticker “VIOT.”
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