PVR Ltd., India’s largest movie theater company, has acquired a minority stake in U.S. restaurant and movie chain iPic Gold Class Entertainment Inc., the company said Monday.
The deal comes as iPic, based in Boca Raton, Fla., is planning a small, Regulation A+ initial public offering that will allow the company to sell stock to its customers and the general public.
The company operates 16 locations, with 10 restaurants and 121 screens in 10 states. The company’s facilities include a polished casual restaurant, a full-service bar and a luxury theater.
Terms of the investment were not disclosed.
As part of the investment, PVR Chairman and Managing Director Ajay Bijli will get a seat on iPic’s board.
The company has said it wants to raise up to $30 million in a Regulation A+ initial public offering, also known as a “mini IPO,” which enables smaller companies to raise funds from smaller investors, including their own customers. Fatburger owner Fat Brands Inc. completed a similar IPO last month.
The company gets 51 percent of its revenues from food and beverage sales and 31 percent from its theater, and 18 percent from things like memberships and sponsorships.
Revenue between 2010 and 2016 has grown by 22 percent per year, according to the company’s IPO listing on the banq.co website, which is handling the offering.
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Correction, Nov. 20, 2017: A previous version of this story incorrectly stated the nature of the investment.
