HONG KONG — Wanda Cinema Line, China’s biggest theaters chain, has re-filed its application for an IPO.
Its earlier attempt to float on the Shenzhen stock market in July was denied by regulators who said that its documentation was insufficient.
The company plans to issue 60 million shares and raise RMB2 billion ($326 million) of fresh capital.
The company is an indirect subsidiary of Dalian Wanda, China’s largest property developer, and controlling shareholder of North American cinema chain AMC Entertainment.
The theaters group was established in 2005 and has seen injections of capital from private equity players including Borui Yuanda (Tianjin) Equity, Shanghai Renfu Investment. and Dongwan Kaide Investment and Tianjin Sequoia Industry Equity Investment Partnership.
Wanda Cinema operates 142 multiplexes in 73 cities in China, with a total of 1,247 screens, according to the regulatory filing. Revenue last year hit RMB3.16 billion ($515 million) with net profit revealed as RMB605 million ($98.5 million).
The company says it plans to use the proceeds for further expansion and for working capital.