The market’s slate of sin stocks will gain a little flavor this week with the debut of a young craft brewer.
Bricktown Brewery Restaurants LLC will issue 1.875 million shares on the Nasdaq under ticker BEER, according to the firm’s S-1 filing. Priced between $7 and $9, the offering represents 37.5 percent of outstanding shares and is expected to bring in about $19.41 million.
The lead is ThinkEquity, a division of Fordham Financial Management.
The company qualifies as an emerging growth company under the U.S. JOBS Act, which exempts management from certain SEC disclosure requirements.
The tavern operates 14 restaurants across Oklahoma, Arkansas, Kansas, Missouri and Texas. Management plans to open additional sites across the five host states and expand into other regions.
The Bricktown Brewery and Bricktown Tap House menus feature six home-brewed craft beers, a variety of regional beers, and bar food priced between $3.50 and $16. In 2018, average customer transactions came in around $18.10, with 76 percent of sales attributed to food and non-alcoholic drinks. Alcoholic beverages comprised the remaining 24 percent, and Bricktown Brewery beers accounted for one-third of that.
Upon its registration as a public company, the firm will change its name to Bricktown Restaurant Group, Inc. and convert to a Delaware corporation.
In 2018, Bricktown Brewery recorded $28.11 million in revenue for a net loss of $1.26 million. The previous year saw revenue of $30.11 million and a loss of $1.35 million.
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