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Serve Robotics Priced, Nasdaq: SERV

Developer of autonomous delivery robots spun out of Uber.

Industry: Industrials

Latest Trade: $3.10 0.00 (0.0%)

First Day Return: -22.3%

Return from IPO: -22.5%

Industry: Industrials

Serve has developed an advanced, AI-powered robotics mobility platform, with last-mile delivery in cities as its first application. According to the U.S. Bureau of Transportation Statistics in 2017, 45% of car trips in the United States are taken for shopping and errands, and in 2019, FedEx stated that over 60% of merchants’ customers live within three miles of a store location. By eliminating unnecessary car traffic, and by reducing the cost of last-mile transportation, Serve aims to reshape cities into sustainable, safe, and people-friendly environments, with thriving local economies. After spinning off from Uber in 2021, Serve established a commercial partnership with Uber, with deliveries starting in January 2022 on a small scale. In May 2022, Uber announced a pilot program with Serve, and by June, it executed a commercial-scale agreement with Serve to deploy up to 2,000 of its robots across the United States. Serve’s current fleet consists of over 100 robots, and we plan to expand our fleet by building and deploying hundreds of new robots in coming years after raising additional rounds of financing. We have platform-level integrations with the Uber Eats division of Uber Technologies, Inc. (“Uber”) and 7-Eleven, Inc. Our strategic investors include NVIDIA, Uber, 7-Ventures and Delivery Hero’s corporate venture units, alongside other world-class investors.
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IPO Data
IPO File Date 03/11/2024
Offer Price $4.00
Price Range $4.00 - $4.00
Offer Shares (mm) 10.0
Deal Size ($mm) $40
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
IPO Data
IPO Date 04/17/2024
Offer Price $4.00
Price Range $4.00 - $4.00
Offer Shares (mm) 10.0
Deal Size ($mm) $40
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
Underwriters
Aegis Capital Corp.
Company Data
Headquarters Redwood City, CA, United States
Founded 2017
Employees 69
Website www.serverobotics.com

Serve Robotics (SERV) Performance