The hottest initial public offering of 2023 was a golf company you’ve never heard of that was significantly in debt, had almost no sales, was short on supply of its most important component and claims to be manufacturing shafts at a facility that local officials have never seen or heard of.

On Aug. 15 Sacks Parente, a small putter outfit in California, announced the pricing of its IPO at $4 per share. Within hours, the price soared to $32 a share, eventually closing at $29.67 for a 624-percent one-day gain. The stock proceeded to crash.

What happened? Golf Digest investigated the curious case of Sacks Parente's dramatic rise and fall.