Polybona files US IPO to raise US$80 mln
PolyBona Film Distribution Co Ltd has submitted an application to the U.S. Securities and Exchange Commission to start its initial public offering on the Nasdaq Stock Market.
The company said in a statement that it plans to raise as much as US$80 million via the IPO, but no listing timetable and issue price were given.
In 2003, the Chinese leading share-holding film distribution company merged with state-owned China Poly Group, the parent firm of Poly Real Estate Group Co Ltd<600048>, to form PolyBona Film Distribution.
In the past three years, the company’s net profit was US$2 million, US$400,000 and US$5.5 million, respectively, sources reported.