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Dubai-based robotics startup Micropolis plans to debut on the New York Stock Exchange and has filed with the US Securities and Exchange Commission (SEC) for the IPO, according to an Abu Dhabi SME Hub statement. The statement does not disclose a projected timeline for the offering.
In detail: The company aims to raise USD 37 mn through the issuance of 8.2 mn shares, priced between USD 4-5 per share, the statement said. The midpoint of the proposed range would hand the company a valuation of USD 172 mn.
Revenues expected post 2024:Micropolis remains in the pre-revenue stage, due to the “collaborative nature” of most of its ongoing projects, the statement said. Substantial earnings are not expected until the company begins commercial production, which is expected by the end of 2024.
Advisors: Network 1 Financial Securities is the sole bookrunner on the transaction.
About the company: Founded in 2014 by Fareed Aljawhar (LinkedIn), Micropolis is a robotics manufacturer specializing in the production of autonomous mobile robots (AMRs) that use wheeled electric vehicle platforms and are equipped with autonomous driving technology. The startup collaborated with Dubai Police to provide them with unmanned rovers that can detect criminal activity and communicate with police operation rooms, Khaleej Times reported previously.
