Chinese robotic vacuum maker Dreame Tech is said to consider IPO

DREAME Technology, a Chinese maker of smart home appliances such as robotic vacuum cleaners, is considering an initial public offering that could raise at least US$300 million, people familiar with the matter said.

Dreame is working with advisers at China International Capital, Goldman Sachs Group and Morgan Stanley on a potential share sale that may take place as soon as this year, the people said, asking not to be identified talking about private information. It has been considering the US as a listing venue, according to the people.

Any offering would depend on market conditions and details could change, the people said.

Asked by Bloomberg News about the possible listing, a Dreame representative said it was “misinformation,” without elaborating. Goldman Sachs and Morgan Stanley declined to comment. CICC didn’t respond to a request for comment.

Founded by Tsinghua University graduate Yu Hao in 2017, Dreame also makes appliances such as cordless stick vacuums and high-speed air dryers, according to its website. The company says it has more than 4,000 stores and sells its products in over 120 countries and regions, including China, the US and France.

Suzhou-headquartered Dreame raised 3.6 billion yuan (S$672 million) in a Series C funding round in 2021 led by Huaxing Growth Capital and CPE Funds Management, along with strategic investors including a unit of troubled property developer Country Garden Holdings. BLOOMBERG