US-China movie theater chain aims for $368m in IPO

AMC Entertainment Holdings Inc, the US movie theater chain owned by China's Wanda Group, plans to raise as much as $368 million in its initial public offering, according to Bloomberg.com.

The second-largest theater chain in North America, based in Leawood, Kansas, plans to sell 18.4 million Class A shares at $18 to $20 each, and the proceeds will be used to reduce debt and for general corporate purposes, according to a statement released by AMC Entertainment yesterday. In August, the company said it may seek to raise as much as $400 million.

Acquired by China's conglomerate Dalian Wanda Group last year for $2.6 billion, including the assumption of debt, AMC would expect to resume a public listing for the first time in nine years. Wang Jianlin, chairman of Dalian Wanda, ranks the richest man in China. According to Bloomberg Billionaires Index, Wang holds a net worth of $12.4 billion.

Citigroup and BofA Merrill Lynch are acting as joint book-running managers and representatives of the underwriters, according to the statement. The theater chain has applied to go public on the New York Stock Exchange under the symbol "AMC".