×
You will be redirected back to your article in seconds

iPic Luxury Movie Chain Goes Public With $15.1 Million Offering

The luxury movie chain iPic Entertainment Inc. has gone public with a $15.1 million initial public offering.

The 10-year-old company, which operates 16 locations with 121 screens, sold 818,429 shares of Class A common stock at a public offering price of $18.50 per share. The stock began trading Thursday on the Nasdaq Global Market after founder and CEO Hamid Hashemi rang the opening bell.

“We are excited to officially begin offering shares of iPic to prospective investors,” Hashemi said. “This offering will help the company execute on the significant growth opportunities ahead to open new iPic locations and deliver its world-class hospitality experience to more of its fans around the country.”

IPic operates in Arizona, California, Florida, Illinois, New Jersey, New York, Texas, Washington, and Wisconsin, and new locations are planned for California, Connecticut, Philadelphia, and New York.

Hashemi told Variety that the idea of going public had often been raised by patrons in recent years. TriPoint Global Equities, LLC — working with its online division BANQ — was the lead managing selling agent for the IPO; Roth Capital Partners, LLC, was the institutional placement book-running agent; and Telsey Advisory Group LLC was the co-manager for the offering.

Popular on Variety

“TriPoint has been a pioneer in Regulation A+ and the JOBS Act for years, having developed a methodology that allows companies to reach a diverse audience of investors and trade on a national securities exchange,” said TriPoint CEO Mark Elenowitz. “iPic Entertainment leads us into exciting new territory, where premium experience brands can offer fans the opportunity to not only be a customer, but to be a stockholder as well.”

Hashemi said the chain’s popularity has grown due to its concept of combining dining and moviegoing. “Those are two of the most popular leisure activities and putting both in the same place saves people at least 30 minutes — and time is the most valuable commodity of all,” he added.

Shares were down 18%, declining $3.36 to $15.14 on the Nasdaq on the first day of trading with 157,647 shares changing hands.

Additionally, the company closed a private placement of $2.5 million from an affiliate of one of its existing investors, Regal Cinemas, which had previously invested $12 million at a price of $18.13 per share in April. Additionally, PVR Cinemas — the largest exhibitor in India — invested $4 million at the same price of $18.13 per share in December.

More Film

  • JKR_DAY030_102518_0688465.dng

    How the Crafts of 'Joker' Tell Arthur Fleck’s Story

    The phenomenon that is “Joker” continues to break records, as Oscar buzz grows for Joaquin Phoenix and several other categories. It is a film filled with visual and sonic clues to help tell the story of his emotional journey – wherever it takes him. From the squeaking of the apartment door to the single cello [...]

  • John Turturro The Batman

    'The Batman': John Turturro to Play Carmine Falcone in New Film

    John Turturro is set to join the cast of Matt Reeves and Warner Bros.’ “The Batman” starring Robert Pattinson. Reeves announced on Twitter that Turturro would be playing Carmine Falcone, the Gotham City gangster and adversary to the Caped Crusader. He joins a cast that includes Zoe Kravitz, who will play Selina Kyle aka Catwoman, [...]

  • Dutch art dealer Jan Six and

    IDFA: Oeke Hoogendijk's 'My Rembrandt' Debuts Trailer Before World Premiere (EXCLUSIVE)

    Variety has been given exclusive access to the trailer to “My Rembrandt,” directed by Oeke Hoogendijk, which has its world premiere on Sunday in the Masters section of the International Documentary Festival Amsterdam (IDFA). The film is set in the world of the art market for paintings by the Dutch Old Master. While art collectors [...]

  • Martin Scorsese'The Irishman' film premiere, Arrivals,

    Martin Scorsese Honored by Palm Springs Film Festival for 'The Irishman'

    Martin Scorsese has been selected by the Palm Springs International Film Festival as the recipient of its Sonny Bono Visionary Award for “The Irishman.” He will be presented the award at the festival’s gala on Jan. 2 at the Palm Springs Convention Center. The festival runs Jan. 2-13. “Martin Scorsese has directed another masterpiece about [...]

  • 'Sunless Shadows' Review: Piercing Iranian Doc

    IDFA Film Review: 'Sunless Shadows'

    “Listen to women” has become the mantra of the MeToo age, though films that entirely follow its simple directive remain relatively few. “Starless Dreams” was one: Mehrdad Oskouei’s superb 2016 documentary engaged in aching, revealing dialogue with multiple teenage girls in a Tehran juvenile correctional facility, lending an open, sympathetic ear to their stories of [...]

  • Trusted reindeer Sven and curious snowman

    'Frozen 2' Heads for Sizzling $130 Million North American Launch

    Disney’s “Frozen 2” is heading for a hot $130 million opening weekend at 4,400 North American locations, early estimates showed Friday. That’s well above the $100 million launch that Disney was forecasting for the sequel, which will provide a much-needed jolt to the moviegoing business. The 2019 North American box office trails last year by [...]

More From Our Brands

Access exclusive content