Wanda's AMC cinema chain seeks to raise US$368 million in IPO

PUBLISHED : Tuesday, 03 December, 2013, 2:12pm
UPDATED : Tuesday, 03 December, 2013, 2:12pm

US cinema chain AMC Entertainment plans to raise as much as US$368 million from an initial public offering of 18.4 million Class A shares.

The company said it expects its offering to be priced in the range of US$18 to US$20 per share and will use the proceeds primarily to repay debt.

AMC, bought by China’s Dalian Wanda Group last year in a US$2.6 billion deal, filed with regulators in August to raise up to US$400 million in its IPO.

The details of the share sale were not immediately clear, as the company said its registration statement with the Securities and Exchange Commission was yet to become effective.

AMC, which had first filed to go public in 2007 before withdrawing its filing a year later, has applied to list its Class A shares on the New York Stock Exchange under the symbol AMC.

The company owned, operated or held interests in 343 theatres with a total of 4,937 screens, primarily in North America, on June 30.

Citigroup and Bank of America Merrill Lynch are the lead underwriters for the IPO.