Kokobots Group, a Chinese provider of intelligent commercial cleaning robots and IoT products, filed on Friday with the SEC to raise up to $11 million in an initial public offering.
The company plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Kokobots Group would command a market value of $72 million.
Kokobots is currently primarily engaged in the research and development, sale, and lease of intelligent commercial cleaning robots, as well as the manufacture and sale of Internet of Things (IoT) products. Its intelligent commercial cleaning robots leverage patented L4 low-speed autonomous driving technology and utilize a variety of sensors and other technologies to navigate complex environments with minimal human intervention. Its IoT products are devices integrated with radio frequency identification chips and are typically single-use with a high repurchase rate, such as wristbands for music festivals.
The Shanghai, China-based company was founded in 2011 and booked $4 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol KOKO. Kokobots Group filed confidentially on January 10, 2025. AC Sunshine Securities is the sole bookrunner on the deal.
