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Narcotics storage solutions provider Scripps Safe slashes share offering by 60% ahead of $6 million IPO

May 15, 2023
SCRP

Scripps Safe, which provides vaults and safes for narcotics storage, lowered the proposed deal size for its upcoming IPO on Monday.

The Naples, FL-based company now plans to raise $6 million by offering 1.2 million shares at a price range of $4 to $6. The company had previously filed to offer 3 million shares at the same range. At the revised deal size, Scripps Safe will raise -60% less in proceeds than previously anticipated and command a market value of $51 million (-7% vs. original terms). 

In its latest filing, the company also disclosed 2022 financials and announced Spartan Capital Securities as the sole bookrunner on the deal (previously WestPark Capital). 

Scripps Safe plans to focus on three major verticals: mobile pharmaceutical delivery including fire-EMS; private ambulance operations and home healthcare delivery; and addiction or medication treatment facilities. To date, the company has financed operations primarily through the sales of vaults and safes, among other means, and currently has over 600 healthcare clients who have purchased DEA-compliant vaults and safes.

Scripps Safe was founded in 2012 booked $1 million in sales for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol SCRP. Spartan Capital Securities is the sole bookrunner on the deal.