iPic Entertainment Inc. (NASDAQ: IPIC) entered the market quietly on Thursday with its initial public offering (IPO). The company priced its 818,429 shares at $18.50, consistent with the expected price range. However, the stock actually entered the market lower at $17 and fell from there. iPic was looking to receive gross proceeds of $15.1 million from the offering.
The underwriters for the offering are Tripoint Global Equities, Roth Capital Partners and Telsey Advisory Group.
This company was established in 2006 and headquartered in Boca Raton, Florida. iPic Entertainment represents America’s premier luxury restaurant-and-theater brand. A pioneer of the dine-in theater concept, the company’s mission is to provide visionary entertainment escapes, presenting high-quality, chef-driven culinary and mixology in architecturally unique destinations that include premium movie theaters and bar/restaurants.
iPic Theaters currently operates 16 locations with 121 screens in Arizona, California, Florida, Illinois, New Jersey, New York, Texas, Washington and Wisconsin.
Hamid Hashemi, CEO and founder, commented:
We are pleased to now have loyal guests and members of iPic, members of the investment community and leading industry exhibitors as stockholders of iPic Entertainment. With the proceeds raised from our IPO, we will be able to continue executing on the significant growth opportunities ahead to open new iPic locations and deliver our world-class hospitality experience to more of our fans around the country.
The company intends to use the net proceeds from this offering for general corporate purposes, including opening new iPic locations and renovating existing ones.
Shares of iPic were last seen down more than 19% at $14.90, with a range of $14.72 to $17.00 on the day thus far.