Chinese robotic cleaning company Kokobots increases proposed US IPO deal size
Kokobots Group, a Chinese provider of intelligent commercial cleaning robots and IoT products, raised the proposed deal size for its upcoming IPO on Friday.
The Shanghai, China-based company now plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. The company had previously filed to raise $11 million by offering 2.5 million shares at the same range. At the midpoint of the range, Kokobots Group will raise 50% more in proceeds than previously anticipated and command a fully diluted market value of $78 million.
With the revised offering terms, Kokobots will qualify for a US IPO under the Nasdaq’s new listing requirements, which include a minimum float of $15 million.
Kokobots Group was founded in 2011 and booked $5 million in sales for the 12 months ended June 30, 2025. It plans to list on the Nasdaq under the symbol KOKO. AC Sunshine Securities is the sole bookrunner on the deal.
We are an innovative technology company focused on advancing large-scale applications of intelligent robotics, leveraging low-speed Level 4 （“L4”） autonomous driving and robotics technology, integrated with IoT-enabled smart sensing capabilities. We are currently primarily engaged in the research and development （“R&D”）， sales and lease of intelligent commercial cleaning robots as well as manufacture and sales of Internet of Things （“IoT”） solution products. Our intelligent commercial cleaning robots, by leveraging our patented L4 low-speed autonomous driving technology and utilizing sensors, navigation and positioning, algorithms, communication （Wi-Fi, 5G） technologies, can navigate complex environments with minimal human intervention to effectively enhance operational efficiency and safety in indoor and outdoor cleaning settings, such as hotels, hospitals, shopping malls, and underground parking lots, especially in high-traffic areas. Our IoT products are devices integrated with radio frequency identification （RFID） chips that communicate via radio frequencies, which are widely used in intelligent data storage and transmission, identity verification, access control management, and contactless payments. Our IoT products are typically single-use and have a high repurchase rate. These products are mostly used in events and hotels. We are the producers of wristbands for several renowned music festivals, including the Bolton Weekend Music and Arts Festival, the Love Supreme Jazz Festival, the Pitchfork Music Festival, the Austin City Limits Music Festival, and the Soundside Music Festival, among others.