Richtech Robotics, which develops and sells service robots for the hospitality and other industries, announced terms for its IPO on Friday. In its latest filing, the company also disclosed financials for the nine months ended June 30, 2023.
The Las Vegas, NV-based company plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Richtech Robotics would command a market value of $326 million. The IPO float is just 4.6% of basic shares outstanding.
With a global R&D team based out of China and the US, Richtech Robotics designs, manufactures, and sells robots that perform a variety of services including restaurant running and bussing, hotel room service delivery, floor scrubbing and vacuuming, and beverage and food preparation. The majority of its robots can be characterized as Autonomous Mobile Robots, meaning that they can understand and move through their environments independently. The company's target market is the hospitality sector, and its current customer base includes hotels, restaurants, senior care facilities, and casino management companies. Richtech envisions becoming the first robotics "Super-operator," where thousands of its robots are deployed out in the field and managed by Richtech's AI Cloud Platform.
Richtech Robotics was founded in 2016 and booked $7 million in sales for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol RR. Pacific Century Securities is the sole bookrunner on the deal.
