Xiaomi supplier Viomi targets US$144 million Nasdaq IPO
13 September, 2018
Viomi, a water purifier maker and home appliance supplier for Xiaomi, is planing to raise as much as US$144 million by going public on the Nasdaq, The Paper reported.
The September 25 IPO ranges from US$9 to $11 per share, and Morgan Stanley and CICC will be joint underwriters.
According to the prospectus, Xiaomi held a 33.3% stake in Viomi through Shunwei Capital and its fund Red Better Limited, and became the second largest shareholder of the company.
Chen Xiaoping, the founder, chairman and CEO of Viomi, is the company’s largest shareholder. After the IPO, his holdings will further expand to 42.5%, with 66.5% of voting rights. Xiaomi’s voting rights will be 29.5%.
Most of Viomi’s products are sold through Xiaomi channels. It can access Xiaomi’s users, as well as market and data resources.
In addition, Xiaomi, as an investor, has certain resolution rights over the design and pricing of Viomi’s products.
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