Richtech Robotics, which develops and sells service robots for the hospitality and other industries, raised $11 million by offering 2.1 million shares at $5, as expected. The company offered 0.1 million more shares than anticipated. It originally planned to offer 3 million shares at a range of $4 to $6, before revising the terms earlier this month.
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 plans to list on the Nasdaq under the symbol RR. R.F. Lafferty & Co. acted as sole bookrunner on the deal.
