×
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.

“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

  • Judi Dench

    ‘Blithe Spirit’ With Judi Dench, Dan Stevens, Isla Fisher Scores International Sales

    Filming has started on “Blithe Spirit,” an adaptation of Noel Coward’s classic comedy about love that just won’t die. Judi Dench, Isla Fisher and Dan Stevens are among the cast in the picture, which is helmed by Edward Hall (“Downton Abbey”). Protagonist has closed a raft of pre-sales on the project, which was previously adapted [...]

  • Edward Cheng, Tencent Pictures CEO

    Tencent Pictures Line-Up Mixes Hollywood Content and China Propaganda

    A slate of Chinese propaganda films rubs shoulders with high-profile Hollywood movies on Tencent Pictures upcoming line-up.  The firm confirmed its investment in U.S. projects including: TriStar Pictures’ “A Beautiful Day in the Neighborhood,” a film about beloved TV host Mr. Rogers, starring Tom Hanks; “Monster Hunter,” Paul W.S. Anderson’s next film adaptation of a [...]

  • Night scenery of the Bund in

    Shanghai: Festivals Grapple With How to Stay Relevant in the Digital Era

    Festival organizers from around the world on Tuesday discussed the challenges of remaining relevant in a digital era at a Shanghai International Film Festival forum. The Festival do Rio’s executive director Ilda Santiago noted that online platforms are now an unavoidable part of the film business and creative process, and that “of course not all [...]

  • Kiernan Shipka and Ross LynchMTV Movie

    MTV Movie & TV Awards: What You Didn't See on TV

    Many of the biggest stars in movies and television — including Dwayne “The Rock” Johnson, Jada Pinkett Smith, Kiernan Shipka, Sandra Bullock, Tessa Thompson and Brie Larson — came together to present and receive honors at the 2019 MTV Movie & TV Awards, hosted by “Shazam!” star Zachary Levi. And while non-attendees are able to enjoy [...]

  • Johnny BananasMTV Movie & TV Awards,

    'The Challenge' Veteran Crashes MTV Awards Acceptance Speech; Cut From Broadcast

    Johnny “Bananas” Devenanzio pulled a Kanye West at Saturday’s taping of the MTV Movie & TV awards when “Love & Hip Hop: Atlanta” won over “The Challenge” in the Reality Royalty category. However, viewers didn’t get to see it. Producers of the show cut out Devenanzio’s speech from Monday’s airing, after the reality star took [...]

  • Zachary LeviMTV Movie & TV Awards,

    MTV Movie & TV Awards Winners: The Complete List

    The MTV Movie & TV Awards returned to television Monday, with host Zachary Levi and a number of pop culture favorites. Dominating this year’s nominations with four apiece were front runners “Avengers: Endgame,” which took home the evening’s best movie award, and “Game of Thrones,” which won best show. The Oscar-nominated documentary “RBG” also scored [...]

More From Our Brands

Access exclusive content