The IPO Buzz: LQR House Prices Micro-Cap IPO at $5.00 Mid-Point

LQR House (LQR) priced its micro-cap IPO of 1.0 million shares at $5.00 – the mid-point of its $4.00-to-$6.00 price range – on Wednesday night (Aug. 9, 2023) to raise $5.0 million. The deal’s pricing was in sync with the terms in the prospectus. Shares of LQR House opened flat at $5.00 at 10:45 a.m. EDT today (Thursday, Aug. 10, 2023) on the NASDAQ. Volume slightly exceeded 47,000 shares, according to NASDAQ. LQR House stock dipped to $4.75, a session low, and then climbed to $5.71, a session high at the time, by 10:51 a.m. EDT, on volume of more than 180,000 shares. The stock later rose as high as $7.25, its intraday high on its first day of trading  – only to give up that ground and slide some more. LQR House closed at $3.90, down $1.10 from its $5.00 IPO price, for a 22.0 percent loss on its first day of NASDAQ trading on volume of about 3.4 million shares.

EF Hutton was the sole book-runner.

LQR House Inc., based in Miami Beach, Florida, is a digital marketing services company for certain alcoholic beverage brands. The company does not sell and distribute alcoholic beverage products, the prospectus says.

The company says that it intends “to become the full-service digital marketing and brand development face of the alcoholic beverage space,” according to the prospectus.

LQR House has a partnership and an exclusive marketing agreement with Country Wine & Spirits Inc. (CWS) to promote and market various brands of alcoholic beverages and related products, including branded merchandise, apparel and glassware, on the CWS website and social media. LQR House’s marketing services clients can advertise and sell their brands on the CWS platform.

LQR House says its core business includes promoting and marketing the following brands and services:

–          SWOL Tequila, a limited edition brand of Anejo tequila made in exclusive batches of up to 10,000 bottles (per batch) in a distillery in Jalisco, Mexico;

–          Vault, the CWS platform’s exclusive membership program, and

–          Soleil Vino, a wine subscription service marketed on the CWS platform.

The company plans to use the IPO proceeds to acquire more alcoholic beverage brands, invest in the marketing of its existing portfolio of brands, and provide working capital, the LQR House prospectus says.

LQR House’s net loss was slightly more than twice its revenue for the 12 months that ended March 31, 2023, according to financial statements in the prospectus.

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