SRM Entertainment, which makes toys and souvenirs for theme parks and entertainment venues, raised $6 million by offering 1.3 million shares at $5, as expected.
SRM Entertainment has a market cap of less than $50 million at pricing, so it will be excluded from Renaissance Capital's 2023 IPO stats.
SRM Entertainment designs and develops toys and souvenirs for theme parks and entertainment venues, with a customer base including Walt Disney Parks and Resorts, Universal Studios, SeaWorld, and Six Flags. SRM is being spun out of OTC product developer Jupiter Wellness (Nasdaq: JUPW), which acquired the company in 2020.
SRM Entertainment plans to list on the Nasdaq under the symbol SRM. EF Hutton acted as sole bookrunner on the deal.
