Chinese smart-home product maker 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."