Hollywood Completion Guarantees Specialist Makes London Stock Market Debut
Film Finances raised $75 million in its initial public offering on the London Stock Exchange's AIM.
Hollywood completion guarantees firm Film Finances has gone public. Its stock started trading on the London Stock Exchange's Alternative Investment Market (AIM) on Friday, raising approximately 59 million pounds, or $75 million.
The listing gave the company a market value of more than 200 million pounds, or $260 million.
Film Finances, led by CEO Steven Ransohoff, assures financiers that films, TV projects and online content will be completed on time and within budget. The guarantees serve to offload risks to production budgets and timelines for financiers, as well as for FFI through long-standing insurance relationships. It has worked on such films as La La Land, 12 Years a Slave and Nocturnal Animals.
"Since its founding in the 1950s [in London], FFI has helped unlock funding to approximately 1,700 productions with gross budgets in excess of $17 billion," the company says. It is now headquartered in Los Angeles, with 11 offices globally, including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai.
"Listing on the London Stock Exchange's AIM market sees FFI return to its U.K. roots given our strong links with the early days of the British film industry," Ransohoff said recently. "That heritage is the foundation of today's global company, which over the past six decades has established itself as the world's leading provider of completion contracts for the entertainment industry. Our AIM listing will offer a solid foundation for FFI's future growth strategy as we expand the scope of our services and global reach, including in China."