Logistics robotics maker Zhejiang Galaxis Technology Group Co. Ltd. (2729.HK) launched its Hong Kong IPO on Monday, offering 36.8 million shares at a range of HK$16.40 to HK$20.40 to raise up to HK$751 million ($96 million).
Galaxis is an integrated provider of intelligent intralogistics robotic systems. Its portfolio consists of three main robot lines: multi-directional shuttle robots (MSR), autonomous mobile robots (AMR), and conveyor and sorting robots (CSR). Those products provide core functions including storage retrieval, sorting and transportation, covering the full scope of intralogistics operations.
According to third-party data in the prospectus, Galaxis ranks fifth among China’s top five integrated intelligent intralogistics robot companies, with 1.6% of the market.
The company’s revenue rose 60.3% year-on-year to 552 million yuan ($80 million) in the first nine months of last year, with 92.5% of its sales generated in China. Its net loss for the period totaled 135 million yuan, similar to a year earlier.
The company plans to use the IPO proceeds to develop its core robotics products, strengthen technology and software capabilities, expand manufacturing capacity, support global expansion and for general corporate purposes.
By Lee Shih Ta
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