China's Unitree Robotics has announced a timetable for its initial public offering in Shanghai, which is poised to value the company at more than 40 billion yuan ($5.7 billion), lifting market sentiment and setting a new benchmark for the valuation of China's fast-growing embodied artificial intelligence sector.
The offering would make Unitree the first major producer of humanoid robots to be listed on the Chinese mainland. More broadly, industry experts said, it could signal the sector's shift from eye-catching prototypes and technology demonstrations to capital-intensive mass production and commercial deployment.
In an offering document published late on Thursday, Unitree announced that preliminary price consultations will begin on Wednesday, with online and institutional subscriptions scheduled for Aug 10 and payment due by Aug 12.
Unitree — based in Hangzhou, the capital of Zhejiang province — announced plans to sell 40.45 million new shares, equivalent to 10 percent of its expanded capital, on the sci-tech innovation board of the Shanghai Stock Exchange, also known as the STAR Market. The company aims to raise 4.202 billion yuan through the debut, which would imply a valuation of around 42 billion yuan if the fundraising target is reached. However, the final offer price will be determined through a book-building process.
