Unitree prices its Shanghai IPO at ¥150.80 — a $904M raise, well above the July plan

Unitree priced its Shanghai STAR Market IPO at ¥150.80 a share, selling 40.4 million shares — 10% of its enlarged share capital — for about ¥6.1B ($904M). That is a meaningful step up from the July 30 prospectus, which planned to raise ¥4.2B ($620M) and implied a valuation floor near ¥42B; bids during this week's inquiry process implied as much as ¥55B. Subscriptions run 10–12 August with the debut expected around the 19th. On listing, Unitree would be the mainland's first publicly traded humanoid robot maker.

Why it matters

The CSRC approval in July established that this listing would happen; the pricing establishes what the market pays. A raise 45% above plan, at a price the inquiry pushed up rather than down, is the first hard public number for humanoid robotics — and every private mark in the sector, from Figure to Apptronik to Agility, now gets read against a listed comparable that actually ships robots and reports a profit. The offsetting facts are in the same prospectus: first-half revenue growth decelerated sharply and Q1 adjusted profit fell year over year on heavier R&D and sales spending, so the multiple is being set on a business whose growth curve is bending while its cost base rises. And a price set in a book-build is not a price set by a market — that comes at the debut.

What to watch

The first-day trade around the 19th and where the price settles after the initial pop, whether the sector's private rounds re-mark against it, and whether Unitree's next reported quarter shows growth re-accelerating against the spending.