Hospitality robot maker Richtech Robotics (RR) priced its micro-cap IPO at $5.00, as expected, and slightly increased the deal’s size to 2.1 million shares – up from 2.0 million in the prospectus – to raise $10.5 million on Thursday night (Nov. 16, 2023). Richtech Robotics’ stock opened flat at $5.00 at 11:37 a.m. EST today – Friday, Nov. 17, 2023 – in its NASDAQ debut on volume of 256,801 shares. The stock rose to $5.37 at 2:22 p.m. EST today. Richtech Robotics advanced to $5.51 – up 51 cents or 10.2 percent – at 3:10 p.m. EST. Richtech Robotics’ stock closed at $5.25 – up 25 cents from its IPO price with a gain of 5 percent in its first day of NASDAQ trading..
R.F. Lafferty & Co. and Revere Securities were the joint book-runners.
Richtech Robotics, based in Las Vegas, develops advanced robotic technologies focused on transforming labor-intensive services in hospitality and other sectors experiencing unprecedented labor shortages, according to the prospectus.
“With a global R&D team based out of China and the United States, we design, manufacture and sell robots to restaurants, hotels, senior living centers, casinos, factories, movie theaters and other businesses,” the prospectus says. “Our robots perform a variety of services, including restaurant running and bussing, hotel room service delivery, floor scrubbing and vacuuming, and beverage and food preparation.”
Richtech Robotics Inc. reported a net loss of $3.85 million on revenue of $7.29 million for the 12 months that ended June 30, 2023.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.