(Dec 12): Galbot, a Chinese manufacturer of robots with human-like characteristics, is considering an initial public offering (IPO) in Hong Kong next year, according to people familiar with the matter.
Beijing Galbot Co Ltd, as the developer is formally known, has picked Citic Securities Co, Huatai Securities Co and UBS Group AG to work on the share sale, the people said, asking to not be identified because the information is private. An application might be filed to the Hong Kong stock exchange as soon as next quarter, they said, adding that deliberations are ongoing and details could change.
The company may seek a valuation of between US$3 billion and US$4 billion in the IPO, one of the people said.
“The information isn’t true and the company’s shareholding restructuring aims to meet subsequent normal financing needs and bring in new investors from the primary market,” Galbot said in a statement.
A fundraising round in June that included backing from Chinese battery maker Contemporary Amperex Technology Co netted Galbot about 1.1 billion yuan. That valued the robot maker at about US$2 billion, the people said.
UBS and Citic declined to comment, while Huatai didn’t respond to requests seeking comment.
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Galbot was established in May 2023. The following year it unveiled its first-generation Galbot G1, a 1.73-metre-tall robot that can carry out tasks such as restocking shelves, delivering goods, sorting parts and medications. The company says its G1 Premium bot is powered by Nvidia Corp’s Jetson Thor chips, specifically built for robots.
Galbot’s potential IPO plans in Hong Kong were reported earlier this week by some local press.
China’s humanoid robot sector is growing fast and getting crowded, prompting the state planning agency to caution last month about excess investment and too many similar models flooding the market. There are more than 150 companies in the same field, the National Development and Reform Commission said.
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Another Chinese humanoid robot manufacturer, Hangzhou Unitree Technology Co, is in the process of preparing for an IPO in Shanghai.
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