Dubai-based robotics manufacturer Micropolis Holding has successfully raised $15.5 million from its recent initial public offering (IPO) on the New York Stock Exchange (NYSE) American. The company specializes in developing autonomous mobile robots and offered approximately 3.9 million ordinary shares priced at $4 each, which is at the lower end of the expected range.

Following the IPO, Micropolis has begun trading its shares on the NYSE American under the ticker symbol “MCRP.” The funds acquired from the IPO will be allocated for various purposes, including hiring new staff, enhancing marketing and public relations efforts, and acquiring necessary machinery and equipment. Additionally, the proceeds will support research and development initiatives as well as cover loan repayments.

Network Financial Securities served as the sole book-running manager for this IPO, facilitating the process for Micropolis to enter the public market. The CEO of Micropolis expressed optimism about the future, highlighting that the funding will enable the company to expand its operations and innovation efforts in the robotics sector.