Richtech Robotics, which develops and sells service robots for the hospitality and other industries, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also removed Pacific Century Securities as lead bookrunner and added Revere Securities as an underwriter.
The Las Vegas, NV-based company now plans to raise $10 million by offering 2 million shares at $5. The company had previously filed to offer 3 million shares at a range of $4 to $6. At the midpoint of the revised range, Richtech Robotics will raise 33% less in proceeds than previously anticipated.
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. R.F. Lafferty & Co. and Revere Securities are the joint bookrunners on the deal.
