Imax Sets China Unit IPO Goal at $300 Million (Report)
The giant-screen exhibitor is pushing for a Hong Kong stock market listing by the third quarter of 2015.
Imax is looking to raise as much as $300 million via a Hong Kong stock exchange IPO of its Imax China unit in the third quarter of 2015, The Wall Street Journal reported on Tuesday.
An Imax spokeswoman offered no comment to The Hollywood Reporter on the finance raising goal and timing of the IPO and listing of the China unit's shares in Hong Kong. The long-telegraphed stock market listing of its Chinese subsidiary is part of an ongoing expansion of Imax's business throughout greater China.
Imax recent filing for a Hong Kong IPO was preceded by the giant-screen exhibitor selling a 20 percent stake in its expanding China business for $80 million to CMC Capital Partners, a media- and entertainment-focused investment fund, and FountainVest Partners, a China-focused private equity firm.
The investment in Imax China Holding gave the Canadian-based exhibitor a partner and on-the-ground guidance in China considered necessary to further expand in that market. Any Hong Kong IPO will be accompanied by Imax continuing to expand its screen count in China and screening tentpole Hollywood movies and Chinese titles as it navigates local regulatory and market waters.
CMC Capital Partners previously acquired a controlling stake in Star China and has a joint venture with DreamWorks Animation.