ECOVACS Lists To Shanghai Stock Exchange
With Australia considered a “strategically important market”, Ecovacs Robotics has announced its debut on the Shanghai Stock Exchange with an IPO of 40.1 million shares [10% of total post-IPO equity].
Known for their portfolio of robovacs, Chinese-based Ecovacs expanded into the Australian market last year, and has continued to cement its presence with an expanding portfolio.
Founded in 1998, Ecovacs operates in over 40 countries, and has achieved notable market share in China (~50%), Germany, and is a reportedly a major competitor to iRobot in the United States.
As per Reuters, Ecovacs was initially a manufacturer for brands such as Electrolux, Panasonic and Philips.
IPO generated funds will be used to enhance Ecovacs’ global marketing and sales operations. Funds will also go towards building four million robots, and the development of an accompanying robotics “internet ecosystem”.
Over time, Ecovac Robotics intends to improve large scale production efficiencies, whilst increasing product capabilities and global market share.
Ecovacs’ product portfolio includes several patented technology cleaning robots including; floor-cleaning (e.g. robovacs), window-cleaning and air-purifying.