Tags: AMC | cinema | IPO | Wanda

Cinema Chain AMC Entertainment Files for $400 Million IPO

Friday, 30 Aug 2013 09:49 AM


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U.S. cinema chain AMC Entertainment Holdings Inc. filed with regulators for an initial public offering of up to $400 million, roughly a year after being acquired by China's Wanda Group.

AMC had first filed to go public in 2007, before withdrawing its filing a year later. It again filed to go public in 2010, but was bought by Wanda for $2.6 billion in a deal that closed last September.

AMC plans to list its Class A stock on the New York Stock Exchange under the symbol "AMC," the company said in a filing with the U.S. Securities and Exchange Commission on Friday.

The filing did not reveal how many shares it planned to sell or their expected price.

AMC owned, operated or held interests in 343 theaters with a total of 4,937 screens primarily in North America as of June 30.

It said it would use proceeds from the IPO to fund capital expenditures.

The company earned $41.4 million from continuing operations on revenue of $2.69 billion for the year ended June 30.

The amount of money a company says it plans to raise in its first IPO filing is a placeholder used to calculate registration fees. The final size of the IPO could be different.

Wanda Group, a privately held conglomerate with businesses ranging from hotels and shopping malls to cinemas, has been making large investments outside its home market over the last year.

The group's chairman Wang Jianlin, ranked among China's richest men by Forbes, said in June that the conglomerate is aiming to invest about $1 billion to build a five-star hotel in New York.

© 2014 Thomson/Reuters. All rights reserved.

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