(Bloomberg) -- 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.
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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.
The gain came after a choppy day of trading for IPOs. Sacks Parente was halted at least 19 times for volatility during the session. SRM Entertainment Inc., which also made its trading debut Tuesday, was halted for volatility five times.
--With assistance from Bailey Lipschultz.
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