STARRING ROLE
Special effects group DNEG sets date for £150m launch on stock market
THE OSCAR-WINNING special effects firm DNEG said on Tuesday it plans to list on the London Stock Exchange in November, raising £150m through the issue of new shares, to accelerate growth.
The company, which produces digital visual effects and has worked on the Harry Potter films and the Avenger series, is looking to sell at least 25 per cent of new and existing shares.
The listing is also aimed to increase the public profile of the company, provide access to a wider range of capitalraising options and improve its ability to recruit, DNEG said in a statement.
DNEG’s management has already met investors in early stage meetings, known as ‘pilot fishing’, receiving enough interest to encourage it to proceed with the IPO process.
In a statement issued earlier in the month, Namit Malhotra, the company’s chief executive officer, said: “This is a golden age for premium content as major markets re-establish their love for film, especially with the exponential growth of high-quality streamed content.
“A London listing will continue our development as one of the world’s leading partners for the film, television and entertainment industries. Over the last five years, we have invested heavily in our workflow processes and bespoke technologies, enabling us to build DNEG into a global powerhouse, supplying visual effects services to the world’s largest entertainment markets.”
He added: “In addition to the recognition the London main market would give DNEG, we have a clear plan to invest the proceeds to further advance our ability to support the world’s greatest storytellers.”