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Cineworld to float on Stock Exchange
Cineworld, one of UK’s biggest cinema groups, has announced that it intends to proceed with plans to float on the London Stock Exchange.
The company will make an initial public offering (IPO) with an indicative offer price of between 155 and 185 pence per share, which implies a market value of up to £245.9m.
Steve Wiener, chief executive of Cineworld, said: “The planned IPO is an important and exciting step in the group’s ongoing development and we look forward to developing the business further to create future value for all our shareholders.”
The group initially announced its intention to float in May last year, but pulled back due to volatility in the market place. It was thought then that the company had a market value of around £300m.
Cineworld, which is owned by the US private equity house Blackstone, operates 72 UK cinemas comprising 753 screens. In addition, Cineworld attracted 26.3 per cent of all UK cinema attendances in 2006.
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