Unitree Robotics (688836.SH), the first humanoid robot stock on A-shares, has drawn intense interest in its IPO subscription. The company's issuance price-earnings ratio reached 219.23 times, far above the industry average of about 38.56 times, while valid subscription multiples in the offline inquiry stage exceeded 2,618 times.
Early-stage investors are sitting on hefty paper gains. Variable Capital invested just 2.09 million yuan in 2018; its return multiple has now soared past 174 times. Sequoia Capital China has injected roughly 102 million yuan cumulatively over the years, and at the issue price, its stake is valued at nearly 3 billion yuan. Meituan-affiliated entities hold a combined 9.65% stake through multiple investment vehicles, with paper gains surpassing 3.6 billion yuan.
Unlike the stellar returns in the primary market, secondary-market investors face a tug-of-war between a high valuation and a limited float. The company is offering around 40.44 million new shares, with the initial online placement ratio only about 16%. The bulk of shares will be allocated to institutional investors via strategic placement and offline inquiry. Based on a total share capital of roughly 404 million shares after the issuance, only about 29.77 million shares will be tradable on the first day, representing approximately 7.36% of the total share capital. More than 90% of shares will remain locked up.
Unitree has not yet announced a specific listing date. Following the STAR Market's IPO process, the company could go public as early as mid-August. (Source: Tencent Technology)