The luxury movie chain iPic Entertainment Inc. has gone public with a $15.1 million initial public offering.

The 10-year-old company, which operates 16 locations with 121 screens, sold 818,429 shares of Class A common stock at a public offering price of $18.50 per share. The stock began trading Thursday on the Nasdaq Global Market after founder and CEO Hamid Hashemi rang the opening bell.

“We are excited to officially begin offering shares of iPic to prospective investors,” Hashemi said. “This offering will help the company execute on the significant growth opportunities ahead to open new iPic locations and deliver its world-class hospitality experience to more of its fans around the country.”

IPic operates in Arizona, California, Florida, Illinois, New Jersey, New York, Texas, Washington, and Wisconsin, and new locations are planned for California, Connecticut, Philadelphia, and New York.

Hashemi told Variety that the idea of going public had often been raised by patrons in recent years. TriPoint Global Equities, LLC — working with its online division BANQ — was the lead managing selling agent for the IPO; Roth Capital Partners, LLC, was the institutional placement book-running agent; and Telsey Advisory Group LLC was the co-manager for the offering.

“TriPoint has been a pioneer in Regulation A+ and the JOBS Act for years, having developed a methodology that allows companies to reach a diverse audience of investors and trade on a national securities exchange,” said TriPoint CEO Mark Elenowitz. “iPic Entertainment leads us into exciting new territory, where premium experience brands can offer fans the opportunity to not only be a customer, but to be a stockholder as well.”

Hashemi said the chain’s popularity has grown due to its concept of combining dining and moviegoing. “Those are two of the most popular leisure activities and putting both in the same place saves people at least 30 minutes — and time is the most valuable commodity of all,” he added.

Shares were down 18%, declining $3.36 to $15.14 on the Nasdaq on the first day of trading with 157,647 shares changing hands.

Additionally, the company closed a private placement of $2.5 million from an affiliate of one of its existing investors, Regal Cinemas, which had previously invested $12 million at a price of $18.13 per share in April. Additionally, PVR Cinemas — the largest exhibitor in India — invested $4 million at the same price of $18.13 per share in December.