Strong Global Entertainment (NYSE:SGE) stock dipped modestly following the movie screen maker’s significantly downsized $4M initial public offering.

Shares of Strong opened at $3.70 after being priced at $4.The stock hit a low of $3.45 in early trading, recently changing hands at $3.83 at around 11:15 a.m. ET.

Strong offered 1M shares. Underwriters were granted an option to buy up to 150K additional shares at the IPO price to cover over-allotments. Think Equity is serving as lead bookrunner.

A spinout of FG Group (FGH), Strong provides projection screens and support services to cinema operators such as IMAX, Cinemark and AMC. The company also produces feature films and other content through its Strong Studios unit.

Strong said in a recent filing that FG Group will control a majority of the voting power of Strong’s common stock following the IPO. FG is formerly known at Ballantyne Strong.

The IPO had been downsized a number of times since the company first filed last April. In October 2022, Strong said in a filing that it was interested in raising around $15M.

For more on Strong, read SA analyst Donovan Jones’s “Strong Global Entertainment Proposes IPO Terms.”