IPO News | 'Industrial Robotics Company' Estun begins its offering, with a planned listing on March 9. The minimum subscription amount is HKD 3,434.29.

Futu Information reported on February 27 that $ESTUN (02715.HK)$ The company announced that it will be conducting its offering from February 27 to March 4 and plans to issue approximately 96.78 million shares globally, with an expected listing date of March 9.

Company Overview

Estun is a leading enterprise in China’s industrial robotics sector. According to Frost & Sullivan, the company has consistently ranked first among domestic firms in terms of industrial robot shipments in the Chinese market for industrial robot solutions over multiple years. Based on data from the same source, Estun achieved a historic breakthrough in the first half of 2025 by surpassing foreign brands in domestic industrial robot shipments, becoming the first domestic robotics company to top the Chinese market for industrial robot solutions.

The company possesses full-industry-chain self-research and production capabilities ranging from 'core components + complete robots + solutions.' Its main products include industrial robots, intelligent manufacturing systems, automation core components, and motion control systems.

Source: Prospectus

Through strategic global acquisitions and self-developed core technologies, Estun has established a competitive edge in the industrial robotics field characterized by multi-brand synergy, full-scenario application coverage, and global market penetration. As of September 30, 2025, the company operates 75 service points worldwide and runs seven manufacturing bases in key domestic and international markets. With localized teams efficiently responding to customer needs and a globalized layout ensuring consistent quality and cost-effectiveness, the company's products and services are applied across a global client network.

Financial Overview

During the historical performance period, Estun's revenue for the years 2022, 2023, 2024, as well as the first nine months of 2024 and 2025, reached RMB 3,880.8 million, RMB 4,651.9 million, RMB 4,008.8 million, RMB 3,370.3 million, and RMB 3,803.6 million, respectively. During the same periods, the company’s gross profit amounted to RMB 1,276.2 million, RMB 1,455.1 million, RMB 1,134.0 million, RMB 1,006.2 million, and RMB 1,070.7 million, respectively.

Source: Prospectus

Use of Proceeds

In terms of use of proceeds, Estun anticipates that the net proceeds from the global offering will amount to approximately HKD 1.486 billion (assuming no exercise of the over-allotment option and based on the mid-point offer price of HKD 16.18). According to the prospectus, Estun plans to allocate the proceeds from the global offering for the following purposes:

Approximately 25% will be used to expand the company's global production capacity; around 25% will be allocated to selectively pursue strategic alliances, investments, and acquisition opportunities along the upstream and downstream of the global industrial chain; about 20% will be invested in research and development projects to advance next-generation industrial robotics technology, aiming to consolidate the company’s market leadership; roughly 10% will go towards enhancing the company’s global service capabilities and developing organization-wide digital management systems to increase global brand recognition and strengthen the company’s core competitiveness in international markets; around 10% will be utilized to partially repay existing loans; and approximately 10% will be designated for working capital and general corporate purposes.