Norwegian warehouse robotics firm AutoStore eyes IPO

Norwegian warehouse robotics firm AutoStore is eyeing an initial public offering, which could potentially be the largest Norwegian IPO in two decades.

Autostore plan to raise $315 million in the Oslo listing, at a potential valuation of up to $12 billion based on previous funding rounds.

The news comes after Japanese conglomerate SoftBank invested $2.8 billion for a 40 per cent stake in the firm in April.

AutoStore, founded in 1996, develops a product it terms “cube storage automation” which enables robots to maximize storage space in warehouses.

This technology allows warehouses to store more products by vertically stacking goods in a way that would be impractical or dangerous for humans.

The firm claims to have over 700 installations in 35 countries, and that its customer base includes Gucci, Texas Instruments, Lufthansa, and ASDA.

Autostore is headquartered in Nedre Vats, a small village between Bergen and Stavanger in the west of Norway.

The firm is also currently involved in a legal dispute with Ocado, concerning allegations it illegally used its technology as a basis for its own.

AutoStore expects its total revenue will hit $300 million in 2021 which it estimates will increase to $500 million in 2022.

The firm reported a net revenue of $182.1 million last year and claims its project pipeline is worth $3.4 billion across 2,000 projects.

Carnegie, JPMorgan, and Morgan Stanley are set to act as the joint global co-ordinators for the listing.

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