Adds analyst comments in paragraphs 4 and 5, details on GrabAGun's business in paragraphs 6 and 7

By Niket Nishant and Manya Saini

July 17 (Reuters) - Donald Trump Jr.-backed GrabAGun's PEW.N shares slipped 22% on Thursday, deepening their post-debut slide and highlighting the degree of investor scrutiny even newly listed companies with high-profile backers are being subjected to.

The firearms retailer went public after clinching a merger with Colombier Acquisition Corp. II CLBR.N, a special purpose acquisition company backed by Omeed Malik, a prominent donor to U.S. President Donald Trump's campaign.

But SPACs have faded from their pandemic-era heyday and firms that list through them can often be met with more caution compared to those that opt for the traditional IPO route.

"The company's polarizing brand likely led it to choose a SPAC merger over a traditional IPO, exposing it to the market's skepticism," said Lukas Muehlbauer, research analyst at IPO research firm IPOX.

"Investors are likely looking past the political branding, focusing on whether the company can find a sustainable path to increase market share."

'AMAZON OF GUNS'

Founded in 2010, GrabAGun offers an assortment of sporting firearms, ammunition and accessories. The company markets itself as the "Amazon of guns", banking on a tech-driven shopping experience to appeal to a younger generation of firearm enthusiasts.

With major players either exiting or staying out of the market, GrabAGun also faces limited competition, it said in a presentation in January.

It is among the many business interests of the Trump family, whose portfolio spans real estate, hospitality, media and, increasingly, politically aligned ventures tied to gun rights and conservative consumerism.

The Trumps' political background has helped their companies attract a loyal base of supporters, particularly among those seeking a "parallel economy" that they claim upholds free speech.

"What we're doing with GrabAGun would have been unthinkable four years ago at the height of wokeness in corporate America," Trump Jr. said in a post on X.

Trump Jr., Donald Trump's oldest son, owns about 300,000 shares in GrabAGun and also has a seat on its board. The stake is currently worth around $3 million, based on the latest stock price and Reuters calculations.

The company will join a growing group of right-leaning businesses such as Trump Media & Technology Group DJT.O, Rumble RUM.O and Chain Bridge Bancorp CBNA.N that have gone public in recent years.

A SPAC is a shell entity with no business operations, which uses the proceeds raised through its IPO to merge with a private company, effectively taking it public.

SPACs allow their shareholders to redeem their shares and get their money back if they do not like the proposed merger target.

Colombier said earlier this week it had seen "near-zero" such redemptions, signaling "clear confidence" in the GrabAGun business.

(Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Pooja Desai)

((Manya.Saini@thomsonreuters.com; X: manya__saini;))