Cinemark Holdings did price its IPO last night at the higher-end of the range. It priced 28 million shares at $19.00, and the range was indicated at $17.00 to $19.00. The joint book runners were all listed as Lehman, Credit Suisse. Merrill Lynch, and Morgan Stanley.
The street may not be as cynical on this one since it didn’t command a premium at the pricing, despite stronger IPO demand. Anyone with some longevity will be able to remember that in the late 1990’s and early 2000’s were a very difficult time for movie theatres to make money.
Here’s the full summary of what was said yesterday.
Jon C. Ogg
April 24, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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