Global licensor of stereoscopic or 3D technologies RealD Inc. announced on July 15th that it has priced its boosted initial public offering of 12.50 million common shares at $16.00 per share, above the estimated offering price range. The Beverly Hills, California-based company said the shares will begin trading on the New York Stock Exchange on Friday under the ticker symbol “RLD”.
In a regulatory filing on June 29, the company had earlier estimated pricing between $13.00 and $15.00 per share for an offering of 10.75 million shares of common stock. The company originally filed its statement with the U.S. Securities and Exchange Commission for a $200 million IPO on April 9, 2010.
Of the 12.50 million shares being offered in the IPO, RealD is offering 6.0 million shares and selling stockholders are offering 6.50 million shares. RealD will not receive any proceeds from the sale of shares by selling stockholders. RealD has granted underwriters a 30-day option to buy up to an additional 1.875 million common shares at the IPO price, to cover over-allotments, if any.
Shamrock Capital Growth Fund II, L.P. and William D. Budinger, are the principal stockholders of the company, according to the SEC filing. All Directors and Executive Officers as a Group beneficially own 53.87% of company’s shares, prior to the offering.
RealD intends to use a portion of the net proceeds from this offering to repay $25.1 million of indebtedness under its term loan and revolving credit facilities, which will become due and payable upon the completion of this offering. The company will use the remainder of the proceeds for general corporate purposes, including investments in technology and to acquire complementary businesses and technologies.
For the offering, J.P. Morgan Securities Inc. and Piper Jaffray & Co. are acting as joint book-running managers, while William Blair & Co., L.L.C. is acting as co-lead manager, and Stifel, Nicolaus & Co., Inc. and BMO Capital Markets Corp. are acting as co-managers.
RealD reported a wider loss of $51.23 million for the full-year ended March 26, 2010, compared to a net loss of $25.46 million reported a year ago. However, annual net revenues soared to $149.84 million from $39.68 million last year.
As of June 1, 2010, the total number of Real-enabled Cinema System screens increased to 5,966 from 5,321, and the total number of locations with RealD-enabled screens increased to 3,192 from 3,034 installed in 51 countries.
RealD, founded by Michael Lewis and Joshua Greer in 2003, is a leading global licensor of stereoscopic, or 3D, technologies, with an extensive intellectual property portfolio that enables premium 3D viewing experience in the theater, the home and elsewhere. The company licenses its RealD Cinema Systems to motion picture exhibitors that show 3D motion pictures and alternative 3D content.
source: Stereoscopy.com
Tags: 3d, 3d content, 3d training, realD