Dubai-based robotics manufacturer Micropolis Holding has raised $15.5 million in proceeds from its initial public offering (IPO) on the New York Stock Exchange (NYSE) American.

The company, which develops autonomous mobile robots, offered around 3.9 million ordinary shares at $4 per share, at the lower end of the range.

It has already started trading its shares on the NYSE American under the ticker symbol “MCRP”.

Micropolis will use the IPO proceeds for hiring new staff, marketing and public relations and acquisition of machinery and equipment. The funds will also support research and development, as well as loan repayments.

Network Financial Securities acted as the sole book-running manager for the IPO.

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