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Dubai robotics company Micropolis in New York listing

Dubai's Micropolis Holding is hoping to raise up to $37 million by issuing 8.2 million shares on the New York Stock Exchange Reuters/Keith Bedford
Dubai's Micropolis Holding is hoping to raise up to $37 million by issuing 8.2 million shares on the New York Stock Exchange
  • Micropolis intends to raise $37m
  • Valuation of around $172m
  • Company currently ‘pre-revenue’

The Dubai-based robotics manufacturer Micropolis Holding is to list on the New York Stock Exchange.

The company, which develops autonomous mobile robots and related software, signalled its initial public offering intentions in a filing to the US Securities and Exchange Commission.

Micropolis intends to raise up to $37 million by issuing 8.2 million shares at a price range of $4 to $5. At the midpoint of the proposed range, the company would command a market value of $172 million.

The company was founded in 2014, and specialises in developing mobile robots that use wheeled electric vehicle platforms and are equipped with autonomous driving capabilities.

The robots can be used in security, hospitality, real estate, retail, city cleaning and logistics.

Micropolis has partnered with Dubai Police to create Microspot, AI-powered security software, and develop self-driving security patrol vehicles.

The company is also working with Dubai’s Roads and Transportation Authority, through the Dubai Police Innovation Lab, to create a safe testing zone for autonomous vehicles in the Jumeirah 1 area of the emirate.

According to the filing, Micropolis is currently “pre-revenue”, as most of its existing projects are collaborative, and it does not expect to earn substantial revenues until it enters into commercial production, which is scheduled to begin by the end of 2024.

Network 1 Financial Securities is the sole bookrunner on the deal.

In 2021 Dubai launched an initiative to turn robotics and automation into a $9.5 billion sector and increase its contribution to the emirate’s GDP to 9 percent within 10 years.

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