Theme park souvenir maker SRM Entertainment (SRM) raised $6.25 million on Monday night (Aug. 14, 2023) by pricing its micro-cap IPO at $5.00, as expected. The company priced 1.25 million shares at $5.00 in the IPO. SRM Entertainment’s stock fell $1.00 – or 20 percent – to open at $4.00 at 10:45 a.m. EDT today (Tuesday, Aug. 15, 2023) on the NASDAQ. The stock was last trading at around $4.23 – down 77 cents or off 15.45 percent from its $5.00 IPO price – at around 12:08 p.m. EDT. Volume was about 1.1 million shares. SRM Entertainment’s stock closed at $4.98, down 2 cents or off 0.4 percent.
EF Hutton was the sole book-runner.
SRM Entertainment, based in Jupiter, Florida, develops, manufactures and supplies the entertainment and amusement park industry with exclusive souvenir products. These toys and other souvenirs are often available only to consumers visiting venues such as Walt Disney Parks and Resorts, Universal Studios, SeaWorld, Six Flags, Great Wolf Lodge, Dollywood and Merlin Entertainment. Before the IPO, SRM Entertainment was a subsidiary of Jupiter Wellness.
The company is profitable, according to the prospectus, SRM Entertainment reported net income of $290,000 on revenue of $6.46 million for the 12 months that ended March 31, 2023.
SRM Entertainment’s IPO was among a half-dozen tiny initial public offerings on the IPO Calendar for the week of Aug. 14, 2023.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.