SRM Entertainment, which makes toys and souvenirs for theme parks and entertainment venues, filed on Friday with the SEC to raise up to $9 million in an initial public offering.
The Jupiter, FL-based company plans to raise $9 million by offering 1.8 million shares at a price range of $4.50 to $5.50. At the midpoint of the proposed range, SRM Entertainment would command a market value of $50 million.
If the company has a market cap of less than $50 million at pricing, SRM Entertainment 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 was founded in 1981 and booked $6 million in sales for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol SRM. EF Hutton is the sole bookrunner on the deal.
