Carmike Cinemas Prices Offering at $18

The exhibitor will raise from $76.5 million-$88.1 million for acquisitions and other purposes.

Carmike Cinemas priced 4.5 million shares of common stock at $18 late Thursday, enough to raise up to $88.1 million to be used, in part, for acquisitions.

The movie exhibitor operates a chain of 245 theaters with 2,476 screens in 35 states, including 2,373 digital screens. It also has seven Imax auditoriums.

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The company, which reported strong second-quarter earnings this week, has been riding a rising stock price of late. On Thursday, shares closed unchanged at $18.69.

The 4.5 million shares should yield $76.5 million after expenses, and underwriters could purchase 675,000 more shares within 30 days, which would bring Carmike an additional $11.6 million.

Beyond acquisitions, Carmike said Thursday it would use the money for working capital, capital expenditures or other general corporate purposes.