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Giant screen specialists IMAX, as expected, has floated its Chinese subsidiary on the Hong Kong stock exchange.
The company says it is looking to raise between US$276-$317 million. The prospectus says that some 17 percent of the company will be sold at local prices of between HK$29.80-34.50 per share. The sale price will be announced on Sept 30, and trading will begin on Oct 8.
Five ‘cornerstone’ investors are already in place including IMAX Corp itself. The others include FountainVest Partners and China Media Capital. Together the five are taking a total of US$55 million in the float.
IMAX China has 251 theatres in China, Hong Kong, Macau and Taiwan, with another 217 screens in its order book.