China-based IoT home platform company Viomi Technology has debuted on the Nasdaq stock exchange trading under the ticker symbol of “VIOT”. The company has raised about $102.6 million on its debut in IPO.
It priced its initial public offering (IPO) of 11.4 million American Depositary Shares (ADSs) at $9.00 per ADS. Each ADS represents three of the company’s Class A ordinary shares. The underwriters for the Xiaomi-backed company’s IPO include Morgan Stanley and China International Capital Corporation Hong Kong Securities.
“By listing on the Nasdaq, Viomi hopes to better focus on the development of home appliance technology and further expand brand awareness, as Nasdaq is known as a tech-heavy stock exchange,” Xiaoping Chen, co-founder and chief executive officer of Viomi said.
The company stated that the funds from the IPO will majorly be utilized for research and development of products, services and technologies, selling and marketing initiatives, potential strategic investments and acquisitions along the company’s product value chain. Also, a part of the funds will be deployed against general corporate purposes.
Founded in 2014, Viomi consists of an ecosystem of innovative IoT-enabled smart home appliances, or IoT products, together with a suite of complementary consumable products and value-added businesses.