Cinemark plans to offer 28 million shares in IPO
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Movie theater operator Cinemark Holdings Inc. on Monday set the terms of its pending initial public offering at 28 million shares with an estimated price range of $17 to $19 a share.
The Plano, Texas-based company will offer about 13.89 million shares, and the selling stockholders will offer about 14.11 million shares, according to an amended prospectus filed with the Securities and Exchange Commission.
The selling stockholders have granted the underwriters an option to buy as many as 2.8 million additional shares to cover over-allotments, the filing said.
The company said it expected to use the net proceeds from the IPO to repay outstanding debt.
Cinemark said it had been approved to list its stock on the New York Stock Exchange under the symbol CNK.
Lehman Bros. Inc., Credit Suisse Securities, Merrill Lynch, Pierce, Fenner & Smith and Morgan Stanley & Co. are listed as underwriters for the offering.
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