Hollywood's IPO

Here's the IPO pitch: invest in a company with no sales, an operating loss since inception and an idea for a product. It's not Silicon Valley calling — it's Tinseltown. Civilian Capital is selling shares of a movie, set to star Ethan Hawke, that starts filming next spring. Financing films through public partnerships is nothing new, but with Billy Dead (the movie's working title) Inc., the ante is much lower than normal. Shares are pegged at $8.75, with a 100-share minimum. The IPO, which is set to end Feb. 10, aims to raise $7.9 million. In theory, investors will be able to trade shares over the counter, but the market is untested, to say the least. If the film is a smash — the vast majority of films are not — investors get back their initial investment and then split profits with the filmmakers. Even the prospectus says not to count on a happy ending: "You should purchase shares only if you can afford a complete loss." Says Civilian Capital founder Barry Poltermann: "This is a real investment. But due diligence can be fun. You can watch Ethan Hawke movies."