Warehouse Robotics Company AutoStore Targets $10B IPO: Bloomberg - Coupang (NYSE:CPNG), First Trust US Equity Opportunities ETF (ARCA:FPX)

Norwegian warehouse robotics company, AutoStore, is exploring an initial public offering that could value it over $10 billion, Bloomberg reported.
It is working with Morgan Stanley and JPMorgan Chase & Co. on the IPO.
AutoStore is leaning toward listing on a European exchange, though the venue is not confirmed.
Nedre Vats’s AutoStore provides robots used in the storing and retrieval of goods in warehouses. It specializes in cube storage automation. The technology has a presence at over 600 sites in 35 countries.
Private equity firm Thomas H. Lee Partners acquired the company in 2019. In April, SoftBank Group Corp SFTBY SFTBF acquired a 40% stake in AutoStore in a deal that valued the company at $7.7 billion, including debt.
Thomas H. Lee will continue to be AutoStore’s largest shareholder after an IPO.
SoftBank-backed firm South Korea’s Coupang Inc CPNG rose 41% in its March IPO debut. It is still trading 8% above the offer price.