Chinese robotics firm files for US IPO

Chinese cloud-based robotics company CloudMinds Inc. filed for an initial public offering (IPO) on the US stock market, China Daily reported.

The company intends to list on the New York Stock Exchange under the ticker symbol "CMDS," with an expectation to raise up to US$500 million, according to its prospectus filed with the US Securities and Exchange Commission.

Citigroup, JP Morgan and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.

Founded in 2015, the Beijing-based company operates an open end-to-end cloud robot system and offers related products and services to the world, the report said.

Aging populations, structural labor shortages, rising labor costs and the drive for continuous productivity enhancement create growing demand for both industrial and service robots, the company said in its filing, citing market research company Frost & Sullivan.

According to Frost & Sullivan, the market size of total global robotics, measured by sales value, registered US$75.5 billion in 2018 and is expected to reach US$201.0 billion in 2023, the report said.