Micropolis Holding, a Dubai-based developer of autonomous mobile robots and related software, lowered the proposed deal size for its upcoming IPO on Friday.
The Dubai, United Arab Emirates-based company now plans to raise $23 million by offering 5 million shares at a price range of $4 to $5. The company had previously filed to offer 8.2 million shares at the same range. At the revised deal size, Micropolis Holding will raise -39% less in proceeds than previously anticipated and command a fully diluted market value of $158 million.
Micropolis is a robotics manufacturer that specializes in developing autonomous mobile robots (AMRs) that utilize wheeled electric vehicle platforms and are equipped with autonomous driving capabilities. The company's product offerings are organized into three main categories: AMRs; operating software, which includes autonomous driving software, fleet mission planner, and user bespoke software development services; and electronic control units and power storage units. Micropolis has currently earned minimal revenue, since most of its existing projects are collaborative, and it does not anticipate earning substantial revenues until it enters into commercial production, expected by the end of 2024.
Micropolis Holding was founded in 2014 and plans to list on the NYSE, though it has not selected a symbol yet (RC ticker: MCRO.RC). Network 1 Financial Securities is the sole bookrunner on the deal.
