Magazine article Screen International

Spackman Jumps 79% on Singapore Debut

Magazine article Screen International

Spackman Jumps 79% on Singapore Debut

Article excerpt

Korea's Spackman Entertainment Group (SEG) surged 78.9% in an IPO on the Catalist board of the Singapore stock exchange on Tuesday (July 22).

The company offered 69.4 million shares at S$0.26 per share, which had jumped to S$0.465 per share by the close of trading. It plans to use the net proceeds of around $8.7m (S$10.8m) to invest in films produced by SEG and third parties; expand through acquisitions and joint ventures; and open offices in Singapore and Los Angeles.

The IPO values the company at $148.1m (S$183.8m). Toronto-listed Spackman Equities Group owns 154,620,000 shares in SEG, representing a 39.1% share of the company.

The first Korean entertainment company to list in Singapore, SEG owns Seoul-based production outfits Opus Pictures and Zip Cinema. Opus founder Lee Tae-hun is CEO of SEG, while Zip Cinema founder Eugene Lee is chief producer.

Opus co-produced Bong Joon-ho's Snowpiercer, which is currently enjoying a multi-platform release in the US, where it has grossed $3. …

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