Shanghai-based startup Jaka Robotics is set to sell as many as 20.62 million shares, or at least 25% of its total, as part of an IPO on China’s STAR Market. The company is aiming to raise around RMB 7.5 million ($108 million) through the move, with the funds going towards the development of smart robots and research and development, according to a prospectus filed the Shanghai Stock Exchange. The collaborative robot-focused firm, which has facilities in Shanghai, Changzhou, and Shenzhen, has seen its previous six funding rounds backed by investors such as Singapore’s sovereign wealth fund Temasek, TrueLight Capital, Softbank Vision Fund II, and Prosperity7 Ventures, a fund run by Saudia Arabia’s Aramco Ventures. Founded in 2014, Jaka Robotics recorded revenue of RMB 281 million in 2022, local media outlet 36Kr reported. [36Kr, in Chinese]