Evebot, No.1 Robot Vacuum Cleaner Company... Leading with World's First Technology, Expands to US Amazon and China's WeChat

Transfer from KONEX to KOSDAQ Listing
Export to Over 20 Countries Including the US, Italy, Poland, and Brazil via Amazon.com
World's First Wheel-less Robot Vacuum Cleaner Launched with Mapping Technology

[Asia Economy Reporter Park Hyungsoo] Everybot is showing strength compared to the opening price on its first day of transfer listing from KONEX to the KOSDAQ market. However, the public offering price is still below the current price.

As of 10 a.m. on the 28th, it is trading at 35,300 KRW, up 6.81% from the opening price.

Everybot started trading at 33,050 KRW, which is 9.95% lower than the public offering price of 36,700 KRW.

Everybot is a company specializing in robot vacuum cleaners. It possesses proprietary technology necessary for manufacturing robot vacuum cleaners, including autonomous driving and high-performance sensors. It recorded a 35.6% market share in the domestic robot vacuum cleaner market as of last year.

It holds the world's first mapping technology that can control direction and speed without wheels. Compared to competitors' products, it has excellent cleaning power through ROBOSPIN technology, which cleans floors by rotating at 5700 RPM motor power and covers a wider cleaning area relative to cleaning time.

Everybot entered the U.S. Amazon.com marketplace in August last year and surpassed $1 million in sales within eight months. It has started selling on Amazon France and is also pursuing expansion into Japan, India, Germany, and Australia. In China, considered the world's largest market, it began sales last month through the WeChat platform. Overseas sales last year grew fivefold from the previous year to 4 billion KRW. In the first quarter of this year, it recorded 1.8 billion KRW, an increase compared to the same period last year.

Kim Hanryong, a researcher at Daishin Securities, explained, "The domestic robot vacuum cleaner market grew from 74 billion KRW in 2018 to 157 billion KRW last year, an average annual growth rate of 46%. The growth background of robot vacuum cleaners can be attributed to the increase in single-person households."

As of last year, the number of single-person households was about 9 million, accounting for 39.2% of all households. With the increase in single-person households, the robot vacuum cleaner market is expected to continue growing. The market share of robot vacuum cleaners in the domestic vacuum cleaner market has been expanding from 7.3% in 2018 to 12.2% last year.

Park Jongseon, a researcher at Eugene Investment & Securities, analyzed, "Everybot plans to launch an intelligent air-purifying robot combined with autonomous driving solutions. It is promoting the development of IoT home service robots through the development of an autonomous driving robot platform by advancing core technologies."

He added, "The public offering price is discounted compared to similar companies such as Coway, Cuckoo Homesys, Paseco, Hats, and Zaigle. After listing, the tradable volume accounts for 34.7% of the total shares, which is not a large amount."