South Korea's Spackman Entertainment Group Plans Singapore IPO
The production group behind "Snowpiercer" seeks to expand its international scope by becoming the first of its kind in Korea to get a listing on the Singapore Exchange.
SEOUL — Spackman Entertainment Group, the South Korean production group behind such films as Snowpiercer, is seeking a listing on the Catalist board of the Singapore Exchange Securities Trading Limited (SGX-ST). It has lodged initial public offering (IPO) documents and is expected to become the first Korean firm of its kind to get a listing.
Spackman Entertainment is largely involved with producing, presenting and investing in theatrical movies. It owns two of Korea's leading film production labels Zip Cinema and Opus Pictures, which have produced some of the country's most commercially successful films in recent years. Opus co-produced Bong Joon Ho's internationally noted sci-fi project Snowpiercer, while Zip was behind local box office hits Cold Eyes and All About My Wife.
Proceeds from the Singapore listing will be used to invest in films produced by the group or third parties and expand via acquisitions, joint ventures or investments. Funds will also be used to launch overseas offices in Los Angeles and Singapore.
The group recorded a profit of $2.6 million in 2013 after resulting in a loss of $0.32 million the year before. This follows an almost threefold revenue increase in 2012, from $4.4 million to $11.9 million.
Spackman currently has seven Korean film projects in development, preproduction or production. It also selectively distributes foreign films in Korea, invests in entertainment companies and film funds, and runs a cafe-lounge in Seoul's Gangnam district.