SEOUL, Sept 19 Reuters South Korea39;s Doosan Robotics is set to raise 421.2 billion won 317 million in an initial public offering IPO after pricing the deal at the top of its marketed range.

The company is a leading maker of socalled collaborative robots that work sidebyside with humans such as robot arms that can perform assembling, loading and welding tasks.

The offering for institutional investors had been marketed at 21,000 to 26,000 won and its pricing at the top end would give the company a market cap of 1.69 trillion won 1.3 billion. Sales to retail investors at the same price will be completed later this week.

The company is due to make its market debut on Oct. 5.

Doosan Robotics39; cornerstone investors include Singapore39;s sovereign wealth fund GIC Pte, Norway39;s 1.4 trillion sovereign wealth fund Norges Bank Investment Management, Blackrock and Goldman Sachs, Yonhap News reported, citing the company.

Funds raised from the offering will be used to expand production facilities and its product portfolio.

Established in 2015, Doosan Robotics competes with Japan39;s Fanuc and Denmark39;s Universal Robots.

It reported revenue of 45 billion won and an operating loss of 13.2 billion won last year. Chief Executive William Ryu has said he expects the company to start breaking even in 2024.

Conglomerate Doosan Corp39;s stake in Doosan Robotics will shrink to around 68 from 91 with the offering.

Shares in the parent company have risen 11 in the last eight…