Cine Top Culture Holdings, which operates cinemas in southern China, lowered the proposed deal size for its upcoming IPO on Friday. The company had not updated its prospectus since February 2023. In its latest filing, Cine Top Culture also replaced its sole bookrunner Pacific Century Securities with EF Hutton.
The Guangzhou, China-based company now plans to raise $15 million by offering 3.8 million shares at $4. The company had previously filed to offer 4.6 million shares at the same price. At the revised terms, Cine Top Culture Holdings will raise 18% less in proceeds than previously anticipated.
Cine Top Culture operates high-end movie theaters in southern China, earning revenue from ticket sales, concessions, and merchandise sales. The company currently has four cinemas in operation as well as three under construction, though there are no anticipated opening dates for the new theaters. All of the company's locations are multiplexes and most are located in commercial areas.
Cine Top Culture Holdings was founded in 2012 and booked $3 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol CJOY. EF Hutton is the sole bookrunner on the deal.
