(Yicai Global) Sept. 26 -- Viomi Technology, a Xiaomi-backed Chinese seller of internet-connected home appliances, has raised almost USD103 million in an initial public offering in the US.

The Guangzhou-based firm offered 11.4 million American depository receipts at the low end of a price range of USD9 to USD11. The amount raised is a little over two-thirds less than the USD150 million Viomi targeted in a prospectus last month.

On their first day of trading on the Nasdaq Stock Market yesterday, the shares [NASADQ:VIOT] gained as much as 22 percent before pulling back to close 0.3 percent lower at USD8.97.

Founded in 2014, Viomi develops home electronics products such as dishwashers and air purifiers that can be controlled by mobile app. The company is the second partner of Beijing-based smartphone maker Xiaomi to go public after wearables developer Huami in February.

Viomi's net revenue almost doubled to CNY873.2 million (USD132 million) last year, while net profit jumped nearly fourfold to CNY93.2 million. In the first half of this year, the company's profit almost tripled to CNY73 million on a near doubling in revenue to CNY1 billion from the same period last year.

Founder and Chief Executive Chen Xiaoping plans to use the funds for research and development of new products, as well as marketing campaigns, and potential strategic investments and acquisitions. US investment bank Morgan Stanley and financial firm China International Capital were the IPO's underwriters.

With 42 percent of the company's shares, Chen has 66 percent of the weighted voting rights. Shunwei Talent, owned by Xiaomi Chief Executive Lei Jun, owns more than 17 percent of the firm for almost 3 percent of its voting rights. Xiaomi also has a 16 percent stake through its Red Better unit, for 27 percent of the voting rights. Sequoia Capital fund unit SCC Venture V Holdco I has a 5 percent stake.

Editor: Emmi Laine