Richtech Robotics Inc. has revealed its intention to conduct an initial public offering (IPO) on the Nasdaq under the ticker symbol RR. The company, headquartered in Las Vegas, specializes in manufacturing robots designed to carry out various tasks including cleaning in restaurants, hotels, senior-living centers, and casinos.
During the upcoming IPO, Richtech Robotics will offer 3 million Class B shares at a price range of $4 to $6 per share. The company has partnered with underwriter Pacific Century Securities to raise $15 million, which represents the midpoint of the IPO price range.
Once the IPO is complete, Richtech Robotics will have approximately 65.7 million outstanding Class A and Class B shares. Based on an IPO price of $5 per share, the company's market capitalization is estimated to be around $328 million.
In the nine months ended June 30, Richtech Robotics reported a net loss of $2.5 million on revenue of $3.4 million. This compares to a net loss of $1.9 million and revenue of $2.1 million in the same period of the previous year.
Richtech Robotics Inc. is poised to enter the public market with its innovative robotic solutions, paving the way for potential growth and development in the industry.