Japanese self driving car maker ZMP receives approval for going public

Japanese robotics startup ZMP Inc has received approval to list in Tokyo next month in an initial public offering worth up to $82 million, as it seeks funds to speed up its development of autonomous driving technology. ZMP will sell about 3.5 million new shares and 6.6 million existing shares in the IPO, according to a regulatory filing to the Japanese finance ministry. At the indicative price of 760 yen per share and including an overallotment arrangement in the event of strong demand, ZMP will sell about 8.8 billion yen of stock ($82 million). Self-driving technology has grabbed the spotlight as major tech and car companies, such as Google parent Alphabet Inc, Tesla Motors and General Motors Corp, move into the field. ZMP, founded in Tokyo in 2001, said in its prospectus it would use the funds for research and development to strengthen its self-driving technology as well as fund affiliate Robot Taxi. ZMP will begin trading Dec. 19 on the Tokyo Stock Exchange’s Mothers Market for startups. ZMP products include aftermarket kits for car automation, including a RoboCar platform and an onboard computer for self driving cars. The CarriRo is a robot for use in warehouses, for logistics operations. ZMP has on offer image processing software, as well as a RoboVision camera system that can be mounted on cars. SMBC Nikko Securities is lead-managing the deal. With inputs from Reuters