A loss-making American company made the best initial public offering in the US in 2023. Shares of golf club maker Sacks Parente Golf jumped sevenfold on their first day of trading. As of the end of 2022, the company received $190,000 in revenue with $3.5 million in net loss.
Golf club manufacturer Sacks Parente Golf held an initial public offering in the US, after which the company’s shares rose 624% on the first day of trading. This initial offering was the best in the US market in 2023, Bloomberg noted.
Sacks Parente Golf is a competitor to Scotty Cameron, whose products have been used by the world’s most titled golfer, Tiger Woods.
Sacks Parente Golf generated $190,000 in revenue in 2022 with a net loss of $3.5 million. In the first quarter of 2023, the loss was $917,000 on revenue of $90,000. Sacks Parente Golf employs seven people, according to the Nasdaq website.
After a successful IPO, the company’s shares collapsed by 80% and almost returned to the placement indicators: from $27.5 to $5.7 per share.
Author:
Kirill Bilyk
Source: RB
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