To support global plans.
As global vacuum cleaner brand, Ecovacs Robotics continues its push in the Australian market with new robovacs and a window cleaning device, the company has launched an Initial Public Offering (IPO) of 40.1 million shares on the Shanghai Stock Exchange.
This accounts for 10% of its total post-IPO equity with proceeds from the IPO to be used to support the company’s plans to build four million robots and an Internet ecosystem for robots, as well as global sales and marketing operations.
Upon completion of these projects, Ecovacs plans to further improve the efficiency of its large-scale production, enhance the level of intelligence of its products, and increase its market share in overseas markets.
Ecovacs Group was founded in 1998 by Chinese entrepreneur Qian Dongqi and expanded its operations in 2006 with the founding of Ecovacs Robotics, which now operates in more than 40 markets around the world with floor-cleaning robots, window-cleaning robots, air-purifier robots and other multi-purpose robots.