The movie theater-casual dining chain iPic Entertainment on Tuesday said it plans to file a Regulation A+ initial public offering — making it the latest in a string of small companies hoping to raise funds through a so-called mini-IPO.
The Boca Raton, Fla.-based company, which operates 16 locations in 10 states, wants to raise up to $30 million in the late fall of this year from the online investment company Banq.
It’s the third restaurant company to announce such a process in the past month, following Bobby’s Burger Palace and Fatburger owner Fat Brands Inc.
Regulation A+ offerings enable small companies to raise money from customers and other small investors, and were made legal as part of the 2012 JOBS Act. Such companies typically cannot get the attention of institutional investors who are vital for traditional IPOs.
Currently, iPic operates 121 screens at its locations and has five locations under construction, “with a pipeline of additional sites in various stages of development,” the
company said in its announcement.
The…