IPO News | SUNMI Technology-W, a 'Business IoT Solutions Provider,' has launched its IPO subscription, with plans to list on April 29. The minimum subscription amount is HKD 2,511.07.

Futu Information reported on April 21st$SUNMI TECH-W (06810.HK)$The company announced that the IPO subscription will take place from April 21 to April 24. The company plans to offer approximately 42,626,800 shares globally and expects to be listed on April 29.

Company Overview

The company is a global leader in Business IoT (BIoT) solutions. Its disruptive solutions integrate smart hardware, software, and data insights, empowering numerous offline business scenarios to undergo digital transformation and enhancing the efficiency of core business operations such as payment, membership management, order fulfillment, inventory control, and employee management.

The company’s BIoT solutions mainly include smart devices and the BIoT PaaS platform. Each smart device is powered by the company's professional commercial operating system (SUNMI OS), enabling merchants to efficiently manage and optimize their transactions and operations. The BIoT PaaS platform provides unified software infrastructure equipped with ready-to-use development tools, allowing merchants and developers to efficiently develop, manage, and upgrade specific vertical scenario software applications for smart devices. As of December 31, 2025, the company recorded over 200 million cumulative downloads of applications on the SUNMI app market.

Financial Summary

Revenue increased from RMB 3,070.5 million in 2023 to RMB 3,456.4 million in 2024 and further to RMB 3,811.9 million in 2025. For the fiscal years ended December 31, 2023, 2024, and 2025, the company recorded gross profits of RMB 821.2 million, RMB 997.3 million, and RMB 1,192.9 million, respectively, with gross profit margins of 26.7%, 28.9%, and 31.3%.

Use of Proceeds

In terms of use of proceeds, Sunmi Technology expects to receive net proceeds of approximately HKD 908 million from the global offering (assuming the over-allotment option is not exercised, based on an offer price of HKD 24.86). According to the prospectus, Sunmi Technology intends to allocate the proceeds from the global offering for the following purposes in the specified amounts:

Approximately 40.0% for funding the research and development of BIoT software and hardware solutions; approximately 30.0% for strengthening the supply chain and production operations; approximately 20.0% for implementing global market expansion plans; approximately 10.0% will be used for working capital and other general corporate purposes.

Further reading:Shangmi Technology Prospectus

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Editor/Vincent

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