May 11, 2023 03:10 AM

China’s Jaka Robotics Files for $108 Million IPO on STAR Market

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What’s new: Softbank-backed Chinese robot startup Jaka Robotics Ltd. plans to raise 750 million yuan ($108 million) in an initial public offering on Shanghai’s Nasdaq-like STAR Market.

Jaka Robotics plans to sell as many as 20.62 million shares, or at least 25% of its total share capital, according to a prospectus filed with Shanghai Stock Exchange.

The Shanghai-based company said it plans to use 420 million yuan of the proceeds for a project to produce 50,000 smart robots annually, 306 million yuan to build research and development centers and 24 million yuan to supplement working capital.

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