Cinema City Warsaw IPO based on $343m value

The company raised $68 million in an issue of 10 million new shares at 19.30 zloty per share.

Central and Eastern Europe's biggest multiplex owner, Cinema City International NV has gone public on the Warsaw Stock Exchange. Friday’s flotation comes three years after the its parent company, IT International Theaters, was delisted from Easdaq (Nasdaq Europe).

Dutch registered Cinema City issued ten million new shares at 19.30 zloty per share ($6.765), raising $68 million. Shareholders sold an additional 5.7 million shares in an offer for sale for $38 million. Altogether, the company raised $106 million at a company value of $343 million after money.

Cinema City’s controlling shareholder IT International Theaters granted the underwriters - Bank Austria Creditanstalt AV, ING Group NV, and CA IB - an option to buy an additional 2.3 millions shares for $16 million. Cinema City will be traded under the ticker CCI.PW. One other Israeli-controlled company is listed on the Warsaw Stock Exchange: Global Trade Centre SA (WSE:GTC) (GTC Poland), a subsidiary of Kardan NV (TASE: KRNV;AEX:KARD).

Cinema City currently operates 335 screens at 35 multiplexes and seven IMAX cinemas in Poland, Hungary, the Czech Republic and Bulgaria. The company is also one of the two largest cinema owners in Israel, where it has 131 screens at 23 multiplexes. Altogether, the company operates 466 screens at 58 multiplexes, and seven IMAX cinemas.

Published by Globes [online], Israel business news - www.globes.co.il - on December 3, 2006

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006

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