BOCA RATON, Fla., Feb. 01, 2018 (GLOBE NEWSWIRE) -- iPic® Entertainment Inc. (NASDAQ:IPIC) announced that it has closed its initial public offering of 818,429 shares of Class A Common Stock at a public offering price of $18.50 per share for gross proceeds of $15.1 million. iPic® expects the stock to begin trading on the Nasdaq Global Market under the ticker symbol “IPIC” today, February 1, 2018.
Separately, 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 2017. Additionally, PVR Cinemas, the largest exhibitor in India invested $4 million at the same price of $18.13 per share in December 2017.
“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,” said Hamid Hashemi, founder and CEO. “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.”
iPic® intends to use the proceeds of the IPO for general corporate purposes, including opening new iPic® locations and renovating existing iPic locations.
TriPoint Global Equities, LLC, working with its online division BANQ® (www.banq.co), 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 Mark Elenowitz, CEO of TriPoint. “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.”
About iPic® Entertainment
Established in 2010 and headquartered in Boca Raton, FL, iPic® Entertainment is America’s premier luxury restaurant-and-theater brand. A pioneer of the dine-in theater concept, iPic® Entertainment’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 and new locations planned for California, Connecticut, Philadelphia, and New York. For more information, visit www.ipic.com.
