Micropolis Holding, a Dubai-based robotics company, has raised US$15.5 million through its initial public offering (IPO) on the New York Stock Exchange (NYSE) American.

The firm specializes in autonomous mobile robots and offered approximately 3.9 million shares at US$4 each, marking the lower end of its expected price range.

Trading of Micropolis shares has begun under the ticker symbol “MCRP.”

The proceeds from the IPO will be used to expand the workforce, enhance marketing, purchase machinery, fund research and development, and repay debts.