- Micropolis Robotics, a Dubai-based robotics company, has filed for a $37 million IPO to fund the expansion of its autonomous mobile robot business.
- Through the planned listing on the NYSE, Micropolis aims to sell 8.2 million shares priced between $4 and $5 per share, potentially valuing the company at up to $172 million.
- Proceeds from the IPO will help Micropolis scale up manufacturing capacity and accelerate product development to capitalize on growth in the $17 billion robotic process automation market.
Micropolis Robotics, a Dubai-based robotics company, has announced plans to go public in a $37 million initial public offering (IPO). The company intends to list on the New York Stock Exchange (NYSE) to raise funds for expanding its autonomous mobile robot (AMR) business.
Founded in 2014, Micropolis specialises in wheeled electric AMRs equipped with autonomous driving capabilities. Its AMR product range includes inventory robots, hospitality robots, security robots and healthcare assistant robots. The company also provides the software, electronic components and batteries needed to power and control the robots.
Micropolis is currently pre-revenue as most projects so far have been collaborative. It expects to start generating revenue by the end of 2024 when its AMRs enter commercial production. The IPO funds will help Micropolis scale up manufacturing and sales operations globally.
Through the offering, Micropolis aims to sell 8.2 million shares priced between $4 and $5 per share. This could value the company at up to $172 million.
Micropolis has filed IPO plans confidentially with regulators and appointed Network 1 Financial Securities as the book-runner to manage the offering. It has yet to pick a stock ticker symbol.
The robotic process automation market is forecast to reach $17 billion by 2027, driven by labour shortages and demand for automation across sectors like manufacturing, healthcare and retail. Micropolis is well-positioned to capitalise on this growth.
“The funds raised will allow us to expand our production capacity and accelerate product development,” said Micropolis CEO Rashed Al Falasi. “With our advanced AMRs, we aim to help organisations worldwide automate their material handling and service delivery processes to become more efficient and competitive.”
The company will join a handful of other robotics firms that have gone public in recent years like UiPath, Berkshire Grey and Vecna Robotics. With global giants like Amazon also ramping up investment in warehouse robotics, the field is attracting growing investor interest.
Micropolis’ biggest selling point is its proprietary autonomous navigation technology that allows its robots to navigate congested spaces safely while avoiding obstacles. This gives the company an edge over rivals.
The IPO filing comes after Micropolis closed a $20 million Series B funding round last year from investors including SAIC and G42. The company has raised $55 million in venture funding so far.
Micropolis states its mission is to “democratise robotics” by providing affordable AMRs to make automation accessible for organisations of all sizes. Its robots aim to tackle repetitive indoor tasks to enable human workers to focus on higher-value responsibilities.
If the offering goes through as planned, it will provide Micropolis with the war chest needed to fulfil its global ambitions and disrupt the AMR market worldwide.
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
Last Updated on December 28, 2023 by Safiya K
