Giant screen specialists IMAX have priced the float of its Chinese spin-off company.
The Canada-based parent company will hold onto almost 70 per cent of the stock of the new business, with the remaining 30 per cent priced at $4. The new company, IMAX China, will raise around $248 million in the process. Which is around $50 million less than first anticipated. The IPO will register in Hong Kong on October 8th.
The Hong Kong listing by IMAX, which launched its giant movie screens in China in 1998, comes as China’s film industry continues to soar. China’s box-office revenue surged 34 per cent to $4.7 billion in 2014 from the previous year, making the country the world’s second-largest film market behind the US, according to consulting firm EntGroup.