NEWS: Dubai robotics start-up Micropolis files for $37mln IPO in US

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Staff Writer

Dubai-based robotics start-up Micropolis has filed for an initial public offering (IPO) to raise around $37 million and intends to list its shares on the New York Stock Exchange (NYSE).

In its filing with the US Securities and Exchange Commission (SEC), the company said it is offering 8.2 million shares priced between $4 and $5, which could value the enterprise at around $172 million.

Founded in 2014 and based in Dubai Production City, Micropolis specialises in developing autonomous mobile robots (AMRs) that use wheeled electric vehicle (EV) platforms.

The company is looking to cash in on the robotics industry in the GCC region.

“[The industry] is rapidly growing, driven by government initiatives and private sector investments. The UAE is positioning itself as a hub for robotics innovation, with a focus on developing autonomous systems for various industries,” the company said in its prospectus.

Its flagship robots can operate autonomously and can be deployed in various industries, including security, hospitality, real estate, retail, sanitation and logistics.

Micropolis has worked with Dubai Police to deploy self-driving patrols to boost security surveillance operations.

It has also developed a surveillance robot, equipped with a surveillance camera and a drone launcher, for the Saudi Arabia Ministry of Interior.

(Writing by Cleofe Maceda; editing by Seban Scaria) 
(seban.scaria@lseg.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

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