Sacks Parente Golf Inc. shares skyrocketed 624% in its first day of trading, notching the best initial public offering debut on a US exchange this year.
The company, which makes golf equipment including $400 putters, closed just shy of $29 Tuesday after pricing its initial public offering of 3.2 million shares at $4. The price of those clubs is only slightly less than the Scotty Cameron putter, a rival brand famously used by Tiger Woods throughout his career.
Sacks Parente made just $190,000 in sales in 2022, according to a filing with the U.S. Securities and Exchange Commission, and it has yet to turn a profit. The Camarillo, California-based company had a net loss of $3.5 million last year. In the first three months of 2023, the company made $90,000 in net sales and had a net loss of $917,000.
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