Robot Consulting Stock Debuts On Nasdaq, Shares Tumble Over 8%

American depository shares (ADS) of Robot Consulting debuted on the Nasdaq Capital Market at $4.2 on Thursday.

Robot Consulting floated the initial public offering of its ADS, with 3.75 million units on offer, at an issue price of $4.

At the time of writing, Robot Consulting’s shares were hovering around $3.69, down nearly 8% from the issue price.

The gross proceeds of $15 million are intended to be used for recruiting talent, investing in the research and development of the company’s new and existing products, purchasing equipment and facilities, including the expansion of the office to accommodate additional employees, and meeting its working capital requirements.

Each ADS of Robot Consulting represents one ordinary share, and underwriters have an option to subscribe to an additional 562,500 ADSs within 45 days of listing.

The Japan-based company provides human resource platform services and intends to expand its services to cover legal tech and the metaverse.

Its primary product, Labor Robot, is a cloud-based human resource management system that helps users track employee attendance, sales orders, and other accounting items, the company noted.

Labor Robot also provides users with assistance in matters related to grant and subsidy applications, as well as helping small and medium-sized businesses in digital transformation efforts through consulting and support services.

The company stated that it is currently developing a new service called Robot Lawyer. This will enable users to pose metaverse-related legal questions through an AI-powered chat interface. It will also allow users to search for legal precedents and access lawyer matching services for further consultation.

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