Viomi Technology (VIOT) began trading on the Nasdaq on 25 September 2018

Smart-home products company.
Shares of China-based Viomi Technology Co. Ltd. (VIOT) shot up as much as 22% above the initial public offering price of $9 in its public debut, before pulling back sharply. After the initial run up to an intraday high of $10.95, the stock fell to a low of $8.97, or 0.3% below its IPO price, before bouncing slightly to be up 0.7% in afternoon trade.

• Headquarters: China
• Founded: 2014
• Offered 11.4 million shares priced at $9
• The company raised $102.6 million in the IPO, which valued the company at $811.8 million.

With China's smartphone maker Xiaomi Corp. (HKEX: 1810) as its main partner, Viomi provides home appliances enabled with Internet connectivity and powered with artificial intelligence. Viomi's products, including dishwashers and water purifiers, can be controlled through a mobile platform, while some devices, like refrigerators, recognize voice commands.

As of June 30, the company said its "IoT @ Home" product had a user base of more than 1.2 million, a level reached in four years since the company's inception. For the first half of 2018, its revenue soared 284 percent year-over-year to $157.2 million. Last year, revenue was $132 million, up 179 percent from 2016. Income for the year was $14 million.

Sales to Xiaomi, which recently began trading its stock publicly in Hong Kong, during the first six months this year reached $98.5 million, Viomi said in its prospectus.

The underwriters on Viomi's IPO were Morgan Stanley and China International Capital Corporation Ltd. (CICC).