Cine Top Culture, which operates cinemas in southern China, filed on Tuesday with the SEC to raise up to $18 million in an initial public offering.
The Guangzhou, China-based company plans to raise $18 million by offering 4.6 million shares at $4. At the proposed price, Cine Top Culture would command a market value of $74 million.
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.
The company was founded in 2012 and booked $3 million in revenue for the twelve months ended December 31, 2021. It plans to list on the Nasdaq under the symbol CJOY. Univest Securities is the sole bookrunner on the deal.
