AMC Entertainment Holdings Inc. is the biggest movie theater operator owned by the richest man in China, Wang Jianlin. The movie theater operator had planned for an initial public offering. The company had been seeking to raise USD400 million.
AMC is headquartered in Kansas. The Kansas-based company would use a portion of the proceeds for expansion purposes and debt repayment. This was according to a regulatory filing by the company today.
Last year Wang's Dalian Wanda Group bought AMC Entertainment. As of June 30, AMC had been operating 343 theaters. According to B. Riley & Co. analyst Eric Wold, the company might be looking to take advantage of strong ticket sales in the US.
The amount for the IPO or the number of shares to be sold was not disclosed by AMC Entertainment. The company also cancelled an IPO last September after Dalian Wanda Group had agreed to purchase AMC Entertainment for USD2.6 billion including debt.
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