Comedy company Pegasus Entertainment's IPO a quest for serious money
Raymond Wong's Pegasus Entertainment aims to raise up to HK$100 million when it lists its shares on the Growth Enterprise Market
Veteran director and actor Raymond Wong Pak-ming has become a legend in comedy over the past three decades but it will be nothing but serious business when his film company, Pegasus Entertainment, debuts on the Growth Enterprise Market later this month.
Wong, whose Cantonese comedies All's Well, Ends Well 2011 and All's Well, Ends Well 2012 were box-office hits during the past two Lunar New Year holidays, plans to raise as much as HK$100 million through an initial public offering on October 24, becoming the only filmmaker on the GEM board.
Filmmaker Milkyway Image, founded by director Johnny To in 1996, was listed on the GEM board in 2003, but was later sold.
Pegasus is offering 100 million shares at between 80 HK cents and HK$1, with the price to be determined on Tuesday, according to the prospectus on Pegasus' website. Trading in the stock will start on October 24.
"Pegasus is doing the IPO through a placement, which means if Wong can find enough supporters to subscribe, then there is no problem in raising the money, which is not a huge sum," VC CEF Brokerage director Louis Tse Ming-kwong said.