China-based robot vacuum manufacturer Ecovacs Robotics, backed by media firm International Data Group’s local VC affiliate IDG Capital, is set to list on the Shanghai Stock Exchange, China Money Network reported today.
The flotation is not expected to happen for a few years, as companies are required to join a queue of more than 800 businesses after they have filed their initial public offering prospectus.
Founded in 1998, Ecovacs initially produced electronics for vaccums manufactured by consumer electronics conglomerates Philips, Panasonic and Electrolux. The company pivoted in 2000 when it decided to start building its own vacuums.
In 2004, Ecovacs introduced its robot vacuums and robot home appliances, such as humidifiers, window cleaners and security products. It currently sells its products into more than 30 countries.
IDG Capital injected an undisclosed sum in 2013 in return for a 10% stake. Its shareholding has since been reduced to 9.12%, following Ecovacs’ decision to list domestically instead of the US, forcing it to conduct a shareholder restructuring.