Viomi Updates IPO, Targeting 11.4 Million Shares at $9 to $11 Each
The company, with headquarters in Guangdong, could raise $144 million in its IPO on Sept. 25.
Viomi Technology Co. Ltd., a smart home products developer, has updated its IPO details with federal regulators, showing it planned to issue 11.4 million American depositary shares at a price between $9 and $11 per share.
The company, with headquarters in Guangdong, had previously filed to raise up to $150 million in its initial public offering on the Nasdaq Stock Market under the ticker "VIOT." If its over-allotment of 1.71 million shares is fully exercised, the company could raise $144 million. Each ADS represents three Class A ordinary shares.
Backed by Chinese smartphone maker Xiaomi, Viomi provides home appliances enabled with Internet connectivity and powered with artificial intelligence. Viomi's products, including dishwashers and water purifiers, can be controlled through a mobile platform. Some appliances, like refrigerators, recognize voice commands, such as setting temperature, answering phone calls, and recommending recipes.
As of June 30, the company said its "IoT @ Home" product had a user base of more than 1.2 million, the amount reached in four years since the company's inception. For the first half of 2018, its revenue soared 284 percent year-over-year to $157.2 million. Last year, revenue was $132 million, up 179 percent from 2016. Income for the year was $14 million.
According to ipoboutique.com, Viomi's IPO is expected on Sept. 25.