Greenworks makes an initial public offering of 121.5 million shares on the Shenzhen Stock Exchange

Greenworks (ticker: 301260) held an Initial Public Offering (IPO) of 121.5 million shares on the Shenzhen Stock Exchange (SZSE) on February 8, 2023. Following the offering, Greenworks has raised $720 million in capital, which will be used to invest in building the brand, developing new innovative products, expanding production and entering new markets. IPO subscriptions were significantly oversubscribed, with strong demand for the shares from institutional and retail investors. The company shows excellent financial results – in 2021, Greenworks achieved a turnover of 730 million dollars and a net profit of 41 million dollars. Image source: Greenworks”We are delighted with the results of the offering and the tremendous trust we have received from investors,” said Greenworks Founder and CEO Ying Chen, “This is an important milestone for our company, and we plan to use the funds raised to accelerate the growth of our business.”Greenworks (Jiangsu) is one of the world’s leading manufacturers of cordless garden equipment and power tools. Greenworks develops, manufactures and sells innovative next-generation battery-powered home and garden equipment – chainsaws, trimmers, lawn mowers, blowers, brushcutters, washers, snow blowers, drills, screwdrivers, rotary hammers and more. Moreover.The advantages of Greenworks’ battery technology are obvious: environmental friendliness, low noise, no exhaust gases, low weight, quick start and ease of use. The company’s mission is to make the technology of the future without gasoline and cordless available to a wide range of consumers. The brand is rapidly gaining popularity among those who want to enjoy working in the garden. The optimal price-performance ratio makes the tool affordable for a wide range of consumers. The product range consists of four lines: 24V and 40V (amateur segment), 60V (semi-professional) and 82V (professional). Within each range, all tools can be powered by a single universal battery. Image source: GreenworksProducts under the Greenworks brand are sold in the United States, Canada, Europe, Russia and the CIS. The company’s headquarters are located in Changzhou (China), Charlotte, North Carolina (USA) and Malmö (Sweden). All products are manufactured in the world’s largest full-cycle factory for battery technology production in Changzhou, China. The plant produces all engine parts, plastic and metal parts, as well as electronic components. Vertically integrated production and multi-stage quality control guarantee the highest quality products. Another production site of the Company is located in Vietnam. In 2022, Greenworks invested $20 million to open a professional garden equipment manufacturing plant, as well as an R&D center and test site in Minnesota, USA. The company employs over 200 people. It mainly produces professional four-wheeled garden equipment – tractors and mowers.Greenworks produces over 1.2 million units per month. The company employs more than 5,000 people, including 300 development engineers, who create innovative new products in its own research centers located at the production site in China and in Jönköping (Sweden). With over 1,000 invention patents, the company is able to create innovative products that exceed consumer expectations. Particular emphasis is placed on the quality of batteries, purchases are made only from leading world manufacturers. The company’s brand portfolio currently includes three of its own brands, Greenworks, Powerworks and Cramer. Additionally, Greenworks produces garden equipment for world famous brands such as Bosch, Metabo, Echo, Toro and others. Image source: GreenworksThe Greenworks brand is relatively young – it entered the global market in 2009. Its founder, Yin Chen, pioneered the use of innovative battery technology in gardening equipment. He was the first to actively invest in the tools of the future, set up a full-cycle factory in China’s Changzhou Free Economic Zone, and started producing a wide range of products for gardeners. The company was originally a contract manufacturer of battery technology for major international brands and retail chains. Leveraging the excellence of lithium-ion technology, Yin Chen has launched a range of 24V battery technology under its own brand Greenworks. The main sales market is the United States, which is characterized by strong competition and increased demands on product quality. After conquering the American market, Greenworks enters Europe by opening an office in Cologne, Germany. In 2013 Greenworks launched a range of 40V cordless garden tools, at a time when 18V was the industry standard. In 2016, Germany’s largest manufacturer of gasoline-powered forestry and garden equipment, Stihl, acquired a 30% stake in Greenworks, celebrating the battery’s breakthrough into the global market in less than 10 years. Image source: GreenworksIn 2016, Greenworks opened a representative office in Russia, the office is engaged in sales, marketing and service support. The company’s turnover during this period increased from zero to 2.5 billion rubles. For six years, the company’s market share in Russia in the segment of battery-powered garden equipment has reached more than 40%. The range includes more than 500 references of tools and accessories. The company’s products in the Russian market are widely represented in all distribution channels. The main partners are leading Russian and international distributors, chains and online stores: Leroy Merlin, OBI, Tvoy Dom, Green Instrument, Ozone, Wildberries, DNS, Enkor, Vse Instrumenti.ru, Kuban-Instrument, TMK, Instrument Empire and others. Greenworks has a network of 300 branded service centers throughout Russia. All deliveries are made from our own modern warehouse with an area of ​​more than 12,000 m², located in the Moscow region.