Robot Maker Unitree to Be Worth Over $7.4 B After IPO
Synopsis
Unitree Technology is expected to achieve a valuation of more than $7.4 billion after its Shanghai IPO. The robotics company plans to use the funds to boost innovation and expand production.
Key Highlights
- Unitree Technology is expected to be valued at more than 50 billion yuan following its planned IPO in Shanghai.
- The company aims to raise 4.2 billion yuan and expand production.
- Unitree is expected to open investor subscriptions on Friday.
Chinese robotics company Unitree Technology is expected to be worth more than 50 billion yuan, which is $7.4 billion after its planned listing on the Shanghai stock exchange according to a report from IPO sponsor Citic Securities.
The report estimates the company could reach an evaluation of between 50.6 billion yuan and 55.9 billion yuan within 6 to 12 months of its expected listing later this month. The valuation is being used as a reference ahead of its IPO pricing enquiry.
Unitree, which competes with other companies like Tesla and Boston Dynamics in the humanoid robotic space plans to raise about 4.2 billion yuan to support its research, manufacturing, expansion, and invasion.
IPO Launches Amid Rising US-China Tech Tensions
Citic Securities valued Unitree at roughly 20 times its projected sales for this year and around 80 times its expected earnings.
The report described Unitree, which also manufactures four-legged robots, as one of the world’s leading developers of high-performance robotics. It added that the company has continued investing steadily in research and development while strengthening its position within the robotics industry.
The IPO comes at a time of growing technology competition between China and the United States.
Washington recently expanded its Covered List to include advanced robots manufactured outside the United States, making it more difficult for those products to obtain the approvals needed for sale in the US.
In June, the US also added Unitree, along with several other Chinese technology companies, to a list of firms it believes support China’s military. Unitree is expected to finalise its IPO pricing on Thursday before opening investor subscriptions on Friday.
Source: Reuters
At Inspirepreneurs Magazine, covering entrepreneurship, business failures, and the human stories behind the world's most ambitious founders. She writes at the intersection of strategy and storytelling.
