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Robotic cleaning equipment provider SIMPPLE raises range to $5 to $6 ahead of $9 million US IPO

July 12, 2023

SIMPPLE, which provides industrial robotic cleaning equipment in Singapore, raised the proposed deal size for its upcoming IPO on Wednesday.

The Singapore-based company now plans to raise $9 million by offering 1.6 million shares at a price range of $5 to $6. The company had previously filed to offer the same number of shares at a range of $4 to $5. At the midpoint of the revised range, SIMPPLE will raise 22% more in proceeds than previously anticipated.

SIMPPLE provides an ecosystem solution for facilities management in Singapore, which includes autonomous robotic cleaning equipment and related software. As of 2021, the SIMPPLE Ecosystem had been adopted by 209 of 432 schools, 7 of 29 hospitals, and 4 of 6 autonomous universities in Singapore. 

SIMPPLE was founded in 2016 and booked $5 million in sales for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol SPPL. Maxim Group LLC is the sole bookrunner on the deal.