OSCAR-WINNING SPECIAL EFFECTS FIRM PLOTS FLOAT

AN OSCAR-winning studio behind special effects in TV hit Chernobyl and blockbuster movie First Man, starring Ryan Gosling ( pictured) is set for a £1bn London listing.

DNEG Limited, based in London, is seeking to raise £150m by issuing new shares. It will then list 25pc of its stock with an option to list another 15pc.

It was formed in a merger of two rivals five years ago and won Oscars for First Man, Blade Runner 2049 and Ex Machina, as well as Christopher Nolan films Interstellar and Inception. The cash will be used to fund further expansion and pay down debt. Namit Malhotra, chief executive, said the aim was to tap into the ‘golden age’ of video production, fuelled by demand from online streaming giants such as Netflix.

The company reported revenues of £245.5m in the year to March 31 and profits of £16.5m. In the three months to June 30, revenues were £64.1m.

The company hopes to cash in on the limited number of special effects providers capable of offering the scale and expertise needed on bigbudget films and TV shows.