Benzinga | Jun 29, 2021 06:20AM EDT

Warehouse Robotics Company AutoStore Targets $10B IPO: Bloomberg

* 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 (OTC:SFTBY) (OTC: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 (NYSE:CPNG) rose 41% in its March IPO debut. It is still trading 8% above the offer price.